ExxonMobil results were far above analyst expectations and posted second-quarter earnings of US$17.9 billion, or US$4.21 per share assuming dilution. This is nearly quadruple the US$4.69 billion earnings for the second quarter last year, and more than triple the earnings from the first quarter of this year. Exxon’s per share earnings easily beat the analyst consensus of US$3.84.
Higher oil and gas prices, the highest refining margins in years, increased production, and aggressive cost control all contributed to the record-breaking profits at Exxon, were higher than its previous quarterly earnings record in 2012 and the quarterly profits in 2008, when Brent prices hit a record US$147 per barrel.
“Second-quarter earnings were driven by a tight supply/demand balance for oil, natural gas, and refined products, which have increased both natural gas realizations and refining margins well above the 10-year range,” Exxon said.
Another US super-major, Chevron, also posted record earnings beating analyst forecasts, thanks to high oil and gas prices and tight fuel markets driving multi-year high refining margins.
Chevron recorded adjusted earnings of US$11.4 billion, or US$5.82 per share, for the second quarter, up from US$3.3 billion earnings, or US$1.71 per share, for the same period of 2021. The analyst consensus was for US$5.08 EPS for this past quarter.
Chevron increased the top end of its annual share repurchase guidance range to US$15 billion, up from the US$10 billion guidance from March.
Following the results release, Chevron stock was up by more than 3.5% pre-market on Friday, while Exxon was advancing by 2.5%.
The record earnings from the US super-majors add to similarly strong earnings from the European majors, each of which reported much higher profits as commodity prices rallied.
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