Exxon and Chevron report massive profits after Trump brags U.S. energy companies are ‘making a freaking fortune’ just before midterms
Source: Fortune ·
Wars and geopolitical risks prove profitable although Big Oil eyes more long-term certainty.
From the source
ExxonMobil and Chevron reported profits Friday from almost $10 billion to over $15 billion amid the Iran war that’s triggering high oil prices and skyrocketing refining margins. Big Oil’s big earnings come amid President Donald Trump touting the “freaking fortune” U.S. oil companies are raking in during rallies ahead of the Nov. 3 midterm elections. The war has pushed oil prices well above $100 per barrel and U.S. gasoline costs to autumn records and diesel to all-time highs. Driven by spiking refining profits, Exxon posted a third-quarter profit $15.4 billion, more than double the $7.5 billion profit from the same quarter a year ago, and just shy of its highest quarterly profit ever in 2022. Likewise, Chevron’s earnings of $9.9 billion were well up from $3.5 billion a year ago. “We recognize the impact high prices have on people’s lives and economic growth,” said Exxon CEO Darren Woods during Friday’s earnings call. “We always have, which is why we have been constantly focused on…