Chevron’s profit rose by more than 180%, ExxonMobil’s doubled — NBC News

In the United States, the two largest oil companies, ExxonMobil and Chevron, reported significant profit growth. ExxonMobil’s profit doubled year-on-year, while Chevron’s figure increased by more than 180%, NBC News reports.

ExxonMobil also announced an increase in dividends for investors. Since the beginning of the year, ExxonMobil shares have risen by 52%, while Chevron shares have gained 50%. Britain’s BP, meanwhile, reported its highest profit in 18 years.

Oil above $100

The companies’ results are linked to persistently high oil prices. Brent crude traded slightly below $118 per barrel on Friday, while prices reached $126 per barrel after the United States and Israel began their war with Iran in late February.

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The average price of regular gasoline for U.S. consumers has increased by 40% since the start of the war. The price of diesel fuel in the country has risen by 78% since the beginning of the year, while New York diesel futures have increased by 130%.

Oil refinery operations

ExxonMobil CEO Darren Woods told CNBC that disruptions to global logistics and the closure of the Strait of Hormuz are forcing ships to seek alternative routes. He also linked the shortage of refining capacity to the Russian-Ukrainian war: according to him, Ukrainian strikes have put approximately half of the oil refining capacity of the Russian Federation, an aggressor state, out of operation.

ExxonMobil and Chevron said their refineries are operating at maximum capacity to increase diesel fuel output. The administration of President Donald Trump issued a series of orders to reduce its cost, including announcing $150 million in funding under the Defense Production Act to expand petroleum product production, storage and logistics at refineries.