Monday, 5 December, 2022

ExxonMobil Q3 profits surge to $19.7bn on high oil, gas prices

ExxonMobil Q3 profits surge to $19.7bn on high oil, gas prices

NEW YORK: ExxonMobil reported a surge in third-quarter earnings Friday, fueled by much higher oil and natural gas prices and robust profit margins for gasoline and other refined products.

The US oil giant became the latest petroleum heavyweight to report stunning third-quarter figures, with year-on-year profits nearly tripling to $19.7 billion and revenues rising 52 percent to $112.07 billion, reports AFP.

The results show how the surge in crude prices in the aftermath of Russia's invasion of Ukraine has boosted oil company profits.

Also crucial, ExxonMobil cited a 22 percent jump from natural gas sales in the period due to "European supply concerns and efforts to build inventory ahead of winter."

In its refining business, ExxonMobil turned in its loftiest ever refinery production level in North America.

Refinery margins were significantly higher than in the year-ago period, but retreated from the second quarter due to loftier output and "flat US gasoline demand," the company said.

Gasoline prices have retreated from their peak levels earlier this year, but remain high by historical standards and have been a focal point of US midterm elections.  Prices at the pump stand at a national average of $3.76 per gallon, up about 11 percent from the year-ago level. Prices topped $5 in June.

Shares of ExxonMobil, which have risen for much of 2022, climbed 2.2 percent in pre-market trading to $109.95.