America’s largest oil company ExxonMobil set a profit record for the second-straight quarter as oil and gas prices remained high. No. 2 US oil company Chevron also posted much-better-than-expected results. ExxonMobil earned $18.7 billion, excluding special items, up 6% from the second quarter results which had been the record and up 177% from a year ago. Earnings per share of $4.45 soared past the $3.79 forecast by analysts surveyed by Refinitiv.
Oil companies have faced calls from the Biden administration and Congress to increase the supply of gasoline and other oil products in the face of high prices and low supplies caused by Russia’s invasion of Ukraine. Oil companies have generally been slow to increase crude oil production, preferring to take their windfall profits and return it to shareholders through stock buybacks and dividends to support their stock prices. ExxonMobil said it has distributed $11.
$XOM is a solid play in the energy oil and gas industry, factors supportive of it's growth and upside remain in place.
That's what happens when disastrous policies drive the cost of oil through the roof. Before you say they should've reduced their profit margin..... think first.... why would they forfeit money for an admin that has promised to shut them down?
They must love the Biden crowd
Does GOP know? They're still blaming Biden and not their donors.
Oh but let's blame the Democrats for high gas prices
Funny how Trump gets out of office and all the sudden the oil companies are making much more profit. Looks like Biden makes our country rich 🤑