US oil and gas companies ExxonMobil and Chevron have collectively earned $31 billion in the past three months alone from high energy prices. That’s $14 million an hour. In euros, the amounts are the same.
ExxonMobil earned a staggering $19.7 billion in the third quarter. That’s the highest figure ever in the company’s 152 years, and even more than expected. The company was able to benefit from the high price for natural gas and the high demand for diesel, among other things. Natural gas is trading at record prices now that Europe wants to get rid of Russian natural gas and has to buy the fuel elsewhere.
The oil giant is expected to earn more than $50 billion this year. That’s more than what Amazon, Procter & Gamble and Tesla earn together.
Chevron also fared well in the past quarter and outperformed expectations, with a profit in the third quarter of $11.2 billion. That’s the second-best result ever, after the $12 billion from the second quarter.
European oil and gas companies are also making a lot of money today from the energy crisis. The Italian energy company Eni was good for a quarterly profit of 3.7 billion euros, Shell earned 6.7 billion dollars and the French TotalEnergies 6.6 billion dollars.
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