ExxonMobil set a profit record for the second-straight quarter, as the oil companies continue to reap rewards from sustained high commodity prices.
Exxon’s third-quarter earnings were $19.7 billion compared with $17.9 billion in the second quarter of 2022. Excluding identified items, earnings of $18.7 billion were up $1.1 billion versus the prior quarter.
The U.S. largest oil company posted its most lucrative period ever. Earnings per share of $4.45 soared past the $3.79 forecast by analysts.
Exxon’s profits have soared this year amid uncertainty in markets driven by Russia’s invasion of Ukraine. According to analysts, U.S. exports of gas and oil to Europe are on track to set all-time profit records.
“Where others pulled back in the face of uncertainty and a historic slowdown, retreating and retrenching, this company moved forward, continuing to invest,” ExxonMobil CEO Darren Woods told investors.
Exxon shares jumped 2% in premarket trading to $109.80, a new record high.
Second largest U.S. oil company Chevron also posted better-than-expected results. Chevron’s adjusted earnings of $10.8 billion were nearly double the $5.7 billion it made a year ago. Earnings per share of $5.56 easily topped the forecast of $4.81.
So far this year shares of ExxonMobil are up 76% and Chevron shares are up 56%. Both rose another 2% in premarket trading.