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Exxon, Chevron Gain as Surging Energy Prices Fuel Record Profits
© Reuters.
Investing.com – Stocks of Exxon Mobil (NYSE:XOM) and Chevron (NYSE:CVX) each rose by around 2% in Friday’s premarket as surging energy prices in booming economies delivered record third-quarter earnings.
Both the companies had reported losses in the same period a year ago and comfortably beat July through September sales and profit estimates.
High demand, supply chain issues and an OPEC+ bent on not racing to raise production translated into high crude and gas prices in the U.S., Europe and elsewhere.
Crude prices have more than doubled in a year, with U.S prices hitting a high of $76 per barrel in September, mostly trading above $68 through the quarter.
As supplies made their way, refineries also worked at optimum capacities, churning out crude derivatives to meet soaring demand. Integrated energy companies like Exxon and Chevron with both upstream and downstream operations benefited the most.
Exxon, a larger market cap company of the two, earned $6.8 billion after a $680 million loss in the 2020 September quarter. Revenue rose 60%, to $73.78 billion, in its strongest results since 2017.
All the company's three business delivered higher returns within the backdrop of a recovering global economy, Chief Executive Darren Woods said in prepared remarks. The company plans to spend $10 billion on share repurchases through 2023 and aims to resume the exercise next year.
Robust international performance pushed Chevron's operating profit from oil and gas production to $5.13 billion, from just $235 million a year ago. Total net profit was $6.1 billion. Revenue soared 83%, to $44.7 billion.
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