Exxon, Chevron combined profits exceed $30 billion

[ck4829]

Exxon Mobil Corp. and Chevron Corp. amassed more than $30 billion in combined net income as politicians blasted oil majors for raking in record profits at a time when consumers are struggling with soaring inflation and energy shortages worldwide.

Exxon posted Friday the highest profit in its 152-year history, while Chevron announced its second-best quarterly result as natural gas demand and prices surged. Earnings for the Texas companies came after strong results posted Thursday by European peers Shell PLC and TotalEnergies SE.

Even as the majors bask in outsize profits -- unimagined just two years ago during the darkest days of the covid-19 pandemic -- oil executives remain under pressure by government leaders to ease prices at the pump for consumers and cut global-warming emissions.

Shareholders, meanwhile, have been demanding higher returns and an end to costly exploration programs, adding to commodity-price pressures.

https://www.arkansasonline.com/news/2022/oct/29/exxon-chevron-combined-profits-exceed-30-billion/

[Chainfire]

1. Rake in the money while buying the elections. Win-win.

[Botany]

2. We have to break the chokehold on America's democracies of these fossil fuel giants and their ...

... partners in crime the Saudis.

So inflation is Joe Biden's fault?

Exxon posted Friday the highest profit in its 152-year history, while Chevron announced its second-best quarterly result as natural gas demand and prices surged. Earnings for the Texas companies came after strong results posted Thursday by European peers Shell PLC and TotalEnergies SE.

[Firestorm49]

3. Well, obviously a paltry $30B is not enough of an incentive to lower prices for their customers.

[thatdemguy]

5. This might not be liked here, gas tax holidays

Gas taxes are an incredible amount of money as well, we should not suspend it completely. Took a little looking but it seems like 2021 state gas taxes was 52 billion, and from what I can find the fed taxes are similar. Thats 100 billion in taxes, how about just cut it in half for a little while. That would be a savings of 20-40 cents a gallon.

Also that means exxon is making about 10-15 cents a gallon profit, yes they could cut it a third and drop gas prices by another 5 maybe as much as 10 cents.

[GreenWave]

6. Puppet GOP lawbreakers will blame Biden.