ExxonMobil and Chevron Post $26.5B Profits Amid High Gas Prices

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WASHINGTON — ExxonMobil and Chevron reported a combined $26.5 billion in quarterly profits as elevated fuel prices strain U.S. consumers while boosting returns for the oil majors. ExxonMobil disclosed $14.5 billion in earnings for the quarter ending last month, more than double the profit from the same period a year earlier. Chief Executive Darren Woods said the results reflected severe market disruption in global energy supply. Chevron posted $12 billion in earnings, a $9.6 billion jump from last year and the company’s highest quarterly profit since 2020, which Chief Executive Mike Wirth attributed to disciplined investment, record U.S. upstream production and high refinery crude throughput. WASHINGTON — The surging profits coincided with nationwide retail gasoline prices averaging more than $4 per gallon, placing heavy pressure on American motorists and household budgets even as investors welcomed the results. Analysts said the gains stem heavily from global energy market disruptions linked to ongoing geopolitical conflicts, and Wood MacKenzie estimated the wider oil industry could see a $425 billion annual windfall if crude averages $90 per barrel this year. Despite the influx of cash, major energy companies have remained cautious about pouring capital into expanded domestic drilling, and the latest earnings have fueled political backlash in Washington, where lawmakers renewed calls for windfall profit taxes.

Prepared by Christopher Adams and reviewed by editorial team.

Media Bias

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Explain Framing

Progressive lawmakers condemn corporate greed demanding immediate windfall profit taxation. Financial analysts attribute surging energy earnings to global supply disruptions. Market forces and record production drive energy sector financial success.