As high commodity prices boost operations, Exxon and Chevron posted record profits during the second quarter of 2022.
The company earned $11.62 billion during the three-month period, up from $3.08 billion during the second quarter of the year.
During the second quarter of 2022, Exxon earned $18.7 billion, compared to $4.7 billion during the second quarter of 2021.
Both companies' shares were up 3% before the market opened.
The top and bottom line were both better than analysts expected. Excluding items, the company earned $5.83 per share during the second quarter. The company was expected to earn $5.10 per share on $59.29 billion in revenue.
Excluding items, Exxon earned $4.14 per share, beating estimates by a penny. The company's revenue was less than analysts were expecting.
Energy stocks have had a rough time recently. Fears of a recession have weighed on the group. The energy sector hit a multi-year high in June.
Energy stocks have been the top performing group this year. The second best sector is utilities.
Oil and gas prices have jumped as Europe moves away from Russian fuel.
The companies recorded a record quarter. President Joe Biden wants companies to raise output because they are keeping prices high. The rising cost of energy has been a major factor in high inflation.
Oil and gas companies say they are increasing production. The same macro issues are playing out across the economy.
The investment by the company more than doubled compared to last year, according to the statement.
The company's output increased in the basin. The average sales price per barrel of oil for its U.S. operations was $90 during the second quarter, up from $54 a year ago.
The average selling price for natural gas went up to $6.22 from $2.16 during the second quarter of the previous year.
The top end of the range for the oil giant's program was raised to fifteen billion dollars.
Increased production, higher realizations, and tight cost control were some of the factors that helped Exxon's earnings and cash flow.
The strong second-quarter results reflect our focus on the basics and the investments we put in motion several years ago.
In the second quarter, Exxon produced 3.8 million barrels per day, a 4% increase over the first quarter.
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