“They have really altered their lifestyles to cope with these high prices,” Gross said.
“Given the long investment cycle times, growing supply will not happen overnight,” said Woods in a conference call Friday. Exxon plans to increase refining capacity by about 250,000 barrels per day in the first quarter of 2023 by expanding its Beaumont Refinery. That represents the industry’s largest single capacity addition in the U.S. since 2012, the company said.
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How about you include the oil company net profit margins in you 'record profit' reporting. When revenue almost doubles does it not make sense that profit dollars might also? Most oil company profits historically hover around 10%, hardly a record.
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U.S. oil giants Exxon, Chevron post blowout earnings, ramp up buybacksThe two largest U.S. oil companies, Exxon Mobil and Chevron Corp, posted record revenue on Friday, bolstered by surging crude oil and natural gas prices and following similar results for European giants a day earlier. All four have ramped up share buybacks in recent months, capitalizing on high margins derived from selling oil and gas. Exxon outpaced its rivals with second-quarter net income of $17.9 billion, several billion dollars ahead of its previous record reached in 2012, which was aided by asset sales in Japan.
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