Exxon Mobil and Chevron become latest oil companies to report record profits as consumers face escalating fuel and energy bills
Exxon Mobil and Chevron became the latest oil companies to report record profits as consumers face escalating fuel and energy bills.
The US firms received a huge windfall as Russia’s invasion of Ukraine caused global energy prices to spike.
Exxon booked a £14.8billion profit in the second quarter of the year, while Chevron hit £9.6billion – both eclipsing previous records.
Record profits: The US firms received a huge windfall as Russia’s invasion of Ukraine caused global energy prices to spike
Both firms’ profits were also almost four times higher than the same quarter a year ago. The results come a day after two of Britain’s biggest energy companies faced a backlash over bumper profits.
British Gas owner Centrica said its profits in the first half rose fivefold to £1.34billion, while Shell reported record quarterly profits of £9.5billion.
While they rake in record amounts a new forecast suggests British consumers face energy bills hitting £500 a month in January.
Petrol prices are also near record highs, adding to the squeeze.
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