ExxonMobil profits surge to $17.9 bn on lofty commodity prices

ExxonMobil's profits nearly quadrupled to $17.9 billion in results released Friday that underscored the elevated state of oil and natural gas prices amid commodity market tightness.

The US oil giant saw profits of $4.7 billion in the year-ago period. Revenues rose 68.7 percent to $111.3 billion.

ExxonMobil joined rivals Royal Dutch Shell and TotalEnergies in releasing massive second-quarter profit increases in the aftermath of the Russian invasion of Ukraine, which has pressured energy markets.

ExxonMobil's results were also boosted by a strong performance in its downstream business amid high gasoline prices and limited refining capacity.

"Earnings and cash flow benefited from increased production, higher realizations, and tight cost control," said Chief Executive Darren Woods.

"Strong second-quarter results reflect our focus on the fundamentals and the investments we put in motion several years ago and sustained through the depths of the pandemic."

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The oil giant, which endured a series of quarterly losses early in the pandemic when petroleum demand cratered, is prospering following the turn in the market.

During the quarter, ExxonMobil benefited from a 71 percent surge in crude price realizations compared with the year-ago period and a 186 percent increase in natural gas.

The refining business, which lost money in the 2021 quarter, notched $5.3 billion in profits.

Shares of ExxonMobil jumped 2.6 percent to $95.03 in pre-market trading.

Source: AFP