RateCaptain
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us
No Result
View All Result
Subscribe
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us
No Result
View All Result
RateCaptain
No Result
View All Result
Home company news

ExxonMobil, Chevron Report Higher Profits Despite Oil Price Dip

Rate Captain by Rate Captain
April 29, 2023
in company news
Reading Time: 2 mins read
A A
0
Share on FacebookShare on TwitterShare on WhatsappShare on Telegram

US oil giants ExxonMobil and Chevron reported another quarter of heady profits Friday as both companies continued to direct large cash payments to shareholders.

Strong refining results offset the effect of lower crude prices in the first quarter compared with the year-ago period, lifting profits and enabling ExxonMobil to return $8.1 billion to shareholders and Chevron $6.6 billion in dividends and share repurchases.

AlsoRead

Eterna Oil reports N181m FX loss in Q1 2023.

Shell Petroleum Nigeria opens recruitment for the position of Staff Wells Supervisor.

May & Baker Nigeria Plc Shareholders Approve N517.57 Million Dividend for 2022 Financial Year

“We’re delivering strong financial results and increasing cash return to shareholders,” said Chevron Executive Mike Wirth, pointing to a 65 percent jump in shareholder repayments compared with the year-ago period.

The results extend a bountiful period for the US oil giants in the wake of a global energy market roiled by Russia’s invasion of Ukraine. Both companies pointed to a hit from recent windfall profit taxes that deprived them of even bigger earnings.
Results in the 2022 period were lifted by spiking oil prices following Russia’s invasion of Ukraine.

Strong refining results offset the effect of lower crude prices in the first quarter compared with the year-ago period, lifting profits and enabling ExxonMobil to return $8.1 billion to shareholders and Chevron $6.6 billion in dividends and share repurchases.

“We’re delivering strong financial results and increasing cash return to shareholders,” said Chevron Executive Mike Wirth, pointing to a 65 percent jump in shareholder repayments compared with the year-ago period.

The results extend a bountiful period for the US oil giants in the wake of a global energy market roiled by Russia’s invasion of Ukraine. Both companies pointed to a hit from recent windfall profit taxes that deprived them of even bigger earnings.
Results in the 2022 period were lifted by spiking oil prices following Russia’s invasion of Ukraine.

At Chevron, profits rose five percent to $6.5 billion, while revenues fell 6.6 percent to $50.8 billion.
Chevron’s oil and gas production volumes fell due to asset sales and the end of a concession in Thailand.

The streak of massive profits by US oil giants has sparked criticism from President Joe Biden and others, who have urged petroleum producers to boost volumes rather in a period of elevated inflation rather than spend extra cash on dividends and share repurchases.

The first quarter included a negative $200 million hit for additional European taxes on the energy sector, ExxonMobil said.

Chevron, in turn, pointed to a $130 million tax hit due to an energy profits levy in Britain

Shares of ExxonMobil rose 2.1 percent to $119.21, while Chevron dipped 0.7 percent to $165.71.

Previous Post

World Day: Vitafoam reaffirms commitment to employee safety

Next Post

Bank deposits drops by N210bn in Q1

Related News

Eterna Oil reports N181m FX loss in Q1 2023.

Eterna Oil reports N181m FX loss in Q1 2023.

by Rate Captain
June 8, 2023
0

Eterna Oil, a leading player in Nigeria's oil and gas sector, has reported a loss of N181.9 million in the...

Shell Petroleum Nigeria opens recruitment for the position of Staff Wells Supervisor.

Shell Petroleum Nigeria opens recruitment for the position of Staff Wells Supervisor.

by Rate Captain
June 7, 2023
0

Shell Petroleum Development Company (SPDC), the pioneer and leader of the petroleum industry in Nigeria, is currently seeking candidates to...

May & Baker Nigeria Plc Shareholders Approve N517.57 Million Dividend for 2022 Financial Year

May & Baker Nigeria Plc Shareholders Approve N517.57 Million Dividend for 2022 Financial Year

by Rate Captain
June 7, 2023
0

Shareholders of May & Baker Nigeria Plc have given their approval for a total dividend payout of N517.57 million for...

Dangote Group Emerges as Most Admired African Brand for Sixth Consecutive Year.

Dangote Group Emerges as Most Admired African Brand for Sixth Consecutive Year.

by Rate Captain
June 5, 2023
0

Dangote Group has once again been recognized as the most admired African brand among the top 100 brands on the...

Next Post
Naira appreciated to N738/$ in the Parallel Market

Bank deposits drops by N210bn in Q1

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Unjust Suspension of CBN Governor Raises concerns about the independence of the CBN

Unjust Suspension of CBN Governor Raises concerns about the independence of the CBN

June 10, 2023
DSS Debunks CBN Governor Arrest Claims.

DSS Debunks CBN Governor Arrest Claims.

June 10, 2023

Popular Story

  • Unjust Suspension of CBN Governor Raises concerns about the independence of the CBN

    Unjust Suspension of CBN Governor Raises concerns about the independence of the CBN

    0 shares
    Share 0 Tweet 0
  • DSS Debunks CBN Governor Arrest Claims.

    0 shares
    Share 0 Tweet 0
  • President Tinubu Suspends CBN Governor, Godwin Emefiele

    0 shares
    Share 0 Tweet 0
  • Glo introduces financing scheme for Samsung series.

    0 shares
    Share 0 Tweet 0
  • Dangote assures shareholders of higher returns.

    0 shares
    Share 0 Tweet 0
RateCaptain

RateCaptain

We bring you the most accurate in new and market data. Check our landing page for details.

  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

No Result
View All Result
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

RateCaptain
?>