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analyzing the performance of sbi funds management private limited (543429) stock ✌️【Portfolio Strategy】✌️ Get precise stock market predictions and free access to real-time market data for efficient decision-making and portfolio growth. Despite falling gas prices, ExxonMobil and Chevron reported bumper profits last quarter.While they were lower than last year, they still beatWall Street forecasts, as well as where they were ahead of the spike in energy prices that followed the invasion of Ukraine more than a year ago.
ExxonMobil, America’s largest oil company, earned $11.6 billion,excluding special items, down 38% from the record quarterly profit of $18.7 billion it earned on that basis in the third quarter of last year. That’s still more than double the $5.5 billion it reported in the first quarter of 2022. It was also more than $1 billion better than the $10.5 billion forecast by analysts surveyed by Refinitiv.
Chevron reported it earned $6.7 billion,excluding special items, down 40% from its record earnings of $11.4 billion in the second quarter last year, but just ahead of the $6.5 billion it earned on that basis a year ago. It also topped forecasts of $6.4 billion.
Oil companies around the world reported a massive surge in profits last year, following thespike in pricesthat followed Russia’s invasion of Ukraine in February 2022 and the sanctions on Russian energy exports that followed. But US gas pricesfell steadilyafter reaching arecord of $5.02 a gallonin June.
analyzing the performance of sbi funds management private limited (543429) stock ✌️【Portfolio Strategy】✌️ Real-time stock market data, precise predictions, and investment strategies to help you optimize your portfolio and achieve financial success. The average US price today is $3.67 a gallon, up nearly 6% from a month ago when OPEC and other oil-producing nations allied with it agreed tocut production, but down 12% from where they were a year ago when prices were still rising.
analyzing the performance of sbi funds management private limited (543429) stock ✌️【Portfolio Strategy】✌️ Expert stock predictions and free stock selection services to help you achieve optimal returns and long-term growth. Shares of ExxonMobil gained 1% and Chevron(CVX)shares were little changed in premarket trading on the reports.
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