Earnings Results: Exxon Mobil and Chevron together take in more than $30 billion in net income as natural gas prices soared

by | Oct 30, 2022 | Stock Market

Shares of Exxon Mobil Corp. rallied to a record close Friday, as profit nearly tripled and revenue soared more than 50% to top the $100 billion mark again, fueled by a surge in natural-gas prices and record refining volumes. Fellow oil and gas giant Chevron Corp.’s stock traded in record territory before paring gains, after the company also posted big profit and revenue beats, as the average sales price in the U.S. for natural gas more than doubled and jumped more than 30% for crude oil.

Combined, the two energy giants reported third-quarter net income of $30.89 billion and revenue of $178.71 billion. Exxon Mobil Chief Executive Darren Woods said on the post-earnings conference call with analysts that the results reflects the company’s efforts to help provide what consumers need. “We continue to increase production to address the needs of the consumer, which [has] contributed to earnings and cash flow growth, a stronger balance sheet and significant value creation,” Woods said, according to a FactSet transcript. Exxon Mobil’s stock
XOM,
+2.93%
surged 2.9% to $110.70, to post a third-straight record close. Meanwhile, Chevron’s stock
CVX,
+1.17%
ran up as much as 2.8% to an intraday high of $182.86, which was above the June 8, 2022 record close of $181.13, before pulling back to close up 1.2% at $179.98 to post a fourth-straight gain. “[Chevron’s] stock has performed strong [month-to-date], and …

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