Exxon and Chevron Posted Record Profits

ExxonMobil and Chevron had a good year as the two U.S. oil and gas giants were able to gain a combined profit of nearly $100 billion in 2022.

ExxonMobil was able to obtain profits of $56 billion in 2022 with Chevron gaining $37 billion. Much of the profits were due to the Russian invasion of Ukraine which spiked demand within the region.

This has been a significant shift from last year as both companies were struggling to maintain significant business and struggling to recover from the effects of the Covid-19 pandemic. In addition, both companies were under serious pressure to shift away from crude oil and invest in green energy.

Both companies resisted pressure to overhaul their strategy and it looks like it paid off. Now ExxonMobil is looking to repurchase $50 billion of its own shares.

Source: Bloomberg