US gigantic oil, gas companies ExxonMobil, Chevron return billions of dollars to shareholders amid soaring crude prices and refining margins
Exxon Mobil's revenues rose 52.4 percent to $87.7 billion while Chevron saw a 70 percent rise in revenues to $54.4 billion.
"We continue to invest prudently," said Kathy Mikells, chief financial officer of ExxonMobil, which increased spending on share buybacks by $20 billion. ExxonMobil's first-quarter profits more than doubled to $5.5 billion, as a strong market for energy commodities more than offset $3.4 billion in one-time costs connected to its withdrawal from the vast Sakhalin offshore oil field following Russia's offensive on Ukraine.At Chevron, profits came in at $6.3 billion, more than four times the year-ago level on a 70 percent rise in revenues to $54.4 billion.
Natural gas prices have also been elevated amid worries over the reliability of Russian supplies to Europe, while refining profit margins are "above the 10-year range, with the tight supply/demand balance expected to persist," as ExxonMobil put it. ExxonMobil's oil and gas output declined three percent from the 2021 period, with the company pointing to severe cold weather that crimped output in Canada, as well as scheduled maintenance activity in Qatar and Guyana.
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