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$2,245.62 a second: ExxonMobil scores enormous profit on record gas prices

$2,245.62 a second: ExxonMobil scores enormous profit on record gas prices



CEOs at major oil companies come under fire for high gas pricesReplayMore Videos ... (16 Videos)CEOs at major oil companies come under fire for high gas pricesEU countries agree to reduce gas consumption to prep for winterIEA director says Europe needs to lower gas consumption to prepare for winterNord Stream 1 makes Europe more reliant on Russian gas. Here's whyThis country is preparing for Russia to cut off its gas supply soonHungarian foreign minister on why the country is still buying Russian energyThree reasons gas prices are expected to stay high'Not acceptable': Biden calls out oil refinery profit margin in letterFact-checking Biden's claim that Putin shares blame for inflationHear why this gas station owner is selling gas at a lossThis is what determines the price of gasOECD secretary-general explains global cost of the Russian oil embargoHow gas prices and inflation could impact midterm electionsHow to save money on gas by being more fuel efficientOil industry consultant: 'Can't drill our way out of' Russian oil banEU reaches deal on Russian oil ban. What will replace it?New York (CNN Business)ExxonMobil and Chevron both reported massive profit jumps thanks to record gasoline prices during the quarter.

Exxon's profit, excluding special items, came to $17.6 billion in the second quarter, nearly double what it made in its very profitable first quarter as oil and gas prices started to soar in the wake of Russia's invasion of Ukraine. Second-quarter profit was up 273% from the same period a year ago.Chevron earned $11.4 billion excluding special items, up 74% from the first quarter and 247% from a year ago.Including one-time items, both earned hundreds of millions more: ExxonMobil's net income reached $17.9 billion, while Chevron brought in $11.6 billion.ExxonMobil's net income came to $2,245.62 every second of every day of the 92-day long quarter. On that basis, Chevron earned $1,462.11 per second.Read MoreSince it takes about two minutes to pump 20 gallons of gas, that means between them the two oil giants earned more than $400,000 between them in the time it took you to fill you tank.Oil prices have started to fall recently, and gas prices are falling along with them. AAA puts the average gas price Friday at $4.26 a gallon. That's down 76 cents a gallon, or 15%, from the record of $5.02 a gallon reached on June 14.Oil drops below $100 a barrel for first time since early MayBut one of the major reasons for that decline is growing fears among investors trading in oil and gasoline futures that the nation is hurdling toward recession. And if it is, a major reason is that the Federal Reserve is hiking interest rates at a historically fast pace in an effort to bring inflation under control. And high gas prices is a major driver of those price increases. The US economy has shrunk in size each of the last two quarters, which is a popular shorthand for a recession. Although economists are debating whether or not the economy is already in a recession, or if one lies ahead, many consumers feel like we're already in an economic downturn. High gas prices are one of the reasons they feel that way.Shares of ExxonMobil (XOM) and Chevron (CVX) both rose in premarket trading on the better-than-expected earnings. ExxonMobil shares are up more than 50% this year through Thursday's close, while Chevron shares have gained more than 30%, making them among the best performers in the Dow Jones industrial average.


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