ExxonMobil, Chevron rake in record Q3 profits following oil price surge
Posted on AllSides October 29th, 2022
From The Right
ExxonMobil and Chevron reported record profits for the third quarter of 2022, boosted by a surge in oil and natural gas prices.
Exxon reported $19.7 billion in net income and $112.07 billion in third quarter revenue. Earnings more than doubled compared to the same period last year. Revenue rose 52%.
Chevron's quarterly profit rose 84% to $11.23 billion while revenue grew 49% to $66.64 billion during the quarter.
As of the time of publication, Exxon stock is up more than 70% year to date, while Chevron shares are up about 50%.