So finally, American oil giants ExxonMobil and Chevron reported another quarter of strong earnings on Friday!
Strong refining results offset the effect of lower oil prices in the first quarter compared to a year ago, lifted profits and allowed ExxonMobil to return $8.1 billion to shareholders and Chevron $6.6 billion in dividends and share buybacks.
Results in the 2022 period were lifted by a surge in oil prices following Russia's invasion of Ukraine. However, some feared the results could be worse as oil prices traded at around $70 a barrel for most of the quarter.
Do you have companies in the energy sector in your portfolio?
Those results look really nice. Unfortunately, I don't have any stocks from this sector yet but I was thinking of buying $CVX.
Exxon Mobil - the oil giant reported record first-quarter earnings. Exxon Mobil's adjusted earnings per share came in at $2.83, beating analysts' estimates of $2.59. It reported revenues of USD 86.56 billion, which also beat expectations of USD 85.41 billion.
Chevron - The oil giant's adjusted earnings per share were $3.55 versus $3.41 expected by analysts polled by Refinitiv. Revenue also beat, but net income at Chevron's oil and gas division fell 25% due to the drop in oil prices.