ExxonMobil, Chevron Profits Soar Amid High Oil Prices
Adjusted profit was not only 34% higher than forecast by analysts polled by Refinitiv, it was almost 17 times higher than the $ 340 million earned during the period last year.
Shares of both stocks edged higher in pre-market on Friday after the reports. Exxon shares are up 56% so far this year through Thursday’s close, while Chevron shares are up 33%.
Democratic Representative Ro Khanna urged the CEOs of both companies to follow in the footsteps of their European rivals by planning to cut production to deal with the climate crisis.
“Are you embarrassed as an American company that your production is increasing while your European counterparts are decreasing? Khanna asked Chevron CEO Michael Wirth.
Wirth responded by pointing out that demand for energy is increasing around the world and refused to commit to reducing oil production.
“With all due respect, I take great pride in our company and what we do,” said Wirth.
Exxon CEO Darren Woods has also refused to commit to cutting oil production.
“We are committed to reducing our emissions,” said Woods.
– Matt Egan of CNN Business contributed to this report