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ExxonMobil and Chevron reported profits Friday from almost $10 billion to over $15 billion amid the Iran war that\u2019s triggering high oil prices and skyrocketing refining margins. Big Oil\u2019s big earnings come amid President Donald Trump touting the \u201cfreaking fortune\u201d U.S. oil companies are raking in during rallies ahead of the Nov. 3 midterm elections.<\/p>\n
The war has pushed oil prices well above $100 per barrel and U.S. gasoline costs to autumn records and diesel to all-time highs. Driven by spiking refining profits, Exxon posted a third-quarter profit of $15.4 billion, more than double the $7.5 billion profit from the same quarter a year ago, and just shy of its highest quarterly profit ever in 2022. Likewise, Chevron\u2019s earnings of $9.9 billion were well up from $3.5 billion a year ago.<\/p>\n
\u201cWe recognize the impact high prices have on people\u2019s lives and economic growth,\u201d said Exxon CEO Darren Woods during Friday\u2019s earnings call. \u201cWe always have, which is why we have been constantly focused on efficiently growing advantaged production to keep markets supplied. That focus and commitment pays off in times like this.\u201d<\/p>\n
He specifically cited a large refining expansion in Beaumont, Texas, in 2023 that he said has kept prices from rising even higher.<\/p>\n
The earnings reports\u2014including huge earnings from London-based Shell and BP\u2014come as Trump highlights the big profits for U.S. oil companies on the campaign trail. \u201cI could just see the fake headlines. \u2018President Trump is talking about all the money they\u2019re making while people are suffering at the pump.\u2019 That\u2019ll be the headline,\u201d Trump said. \u201cBut I said, \u2018I don\u2019t give a damn. I\u2019m going to say it.\u2019 We\u2019re making a freaking fortune.\u201d<\/p>\n
In fairness, the Big Oil companies have been careful not to brag about how much they\u2019re profiting from the Iran war. After all, they don\u2019t control the global markets for oil and fuel prices, and like most corporations, they\u2019re maximizing their profits in a favorable commodities environment.<\/p>\n
Exxon\u2019s stock is up 62% in 12 months, including a 1% hike Friday. Chevron is up 53% in a year, also counting a gain of over 1% Friday.<\/p>\n
But the companies that focus more exclusively on oil refining have proved even bigger winners, especially from roughly 10% of global refining capacity offline in the Middle East and Russia. Phillips 66 and Valero Energy reported their most profitable quarters ever this week\u2014$5.6 billion and $6.8 billion, respectively. Phillips 66\u2019s market cap is up 104% in a year, and Valero has risen by a whopping 140%.<\/p>\n
Valero said Friday it continued to grow by buying the mothballed Houston oil refinery of petrochemical maker LyondellBasell for $320 million.<\/p>\n
Eyes on wars<\/p>\n
Even if peace deals came in Iran and Ukraine, Exxon\u2019s Woods said it will take time to restore supply chains and for Russia to repair badly damaged refineries.<\/p>\n
\u201cIt will take certainly well through next year before we see things getting back closer to normal, but it could be longer than that frankly,\u201d Wood said.<\/p>\n
Chevron CEO Mike Wirth offered similar expectations for elevated global gasoline and diesel prices.<\/p>\n
\u201cI would expect [refining] margins to stay elevated in the short term. The world has 10% of its refining capacity offline today,\u201d Wirth said. \u201cI would expect margins to eventually moderate as refinery runs recover and export flows increase, but that will take some time.\u201d<\/p>\n
Although the oil companies are clearly benefiting from the global conflicts, they do still desire more certainty and less volatility for planning purposes. From Exxon\u2019s perspective, the company is losing a lot of natural gas profits from Qatar shutdowns.<\/p>\n
\u201cSomehow, someway, the issues in the Middle East are going to have to be resolved and the Strait [of Hormuz] is going to have to open,\u201d Woods said. \u201cThose resources are critically needed.\u201d<\/p>\n
Led by Saudi Arabia and U.S. naval escorts, Middle East oil exports have mostly rebounded to prewar levels this fall. However, China, which has cut its oil imports effectively in half, is now buying more again, and the U.S. is no longer rapidly draining its depleted Strategic Petroleum Reserve. Also, Middle Eastern oil is moving at great costs for leasing tankers and paying insurance\u2014as Iran continues to attack vessels\u2014and energy markets anticipate a possible escalation in U.S. strikes after the midterms.<\/p>\n
Wirth said Chevron benefits by either owning or having long-term leases for oil tankers at prewar rates.<\/p>\n
\u201cIt is a material contributor to the results,\u201d Wirth said.<\/p>\n
#Exxon #Chevron #report #massive #profits #Trump #brags #energy #firms #making #freaking #fortune<\/p>\n","protected":false},"excerpt":{"rendered":"
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