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Oil Boom Helps ExxonMobil And Chevron Make The Second-Biggest Profits In a Decade

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Oil Boom Helps ExxonMobil And Chevron Make The Second-Biggest Profits In a Decade

(CTN News) – US oil production surged, resulting in Chevron’s second-largest annual profit for big US oil companies since a decade ago, according to the Financial Times.

  • Chevron and ExxonMobil reported fourth-quarter profits of $21.4 billion and $36 billion, respectively.

  • However, these numbers are down from 2022, when the Ukrainian crisis boosted energy company revenues.

Oil giants in the United States are benefiting greatly from a boom-time production boom that flooded the market with crude last year.

Both ExxonMobil and Chevron reported their second-largest annual profits in a decade on Friday, according to the Financial Times.

The company recorded a profit of $36 billion for the fourth quarter, a decrease from $55.7 billion the year before, but the highest since 2012. In addition to a decrease from $35.5 billion in the previous year, Chevron notched a $21.4 billion profit, its highest since 2013.

Both companies missed their revenue targets, with Exxon posting $84.3 billion as opposed to the expected $85.2 billion, and Chevron posting $47.18 billion instead of the expected $51.62 billion.

Exxon CEO Darren Woods stated on Friday, “If you take the market out of it, if you take prices and margins out, we have more than doubled our earnings power from 2019 to 2023.”

A record US oil supply has resulted in lower profit numbers than in 2022, when turmoil in Ukraine led to a huge boost for oil companies. US oil production reached a record 13.3 million barrels a day in 2023, resulting in a 11% drop in oil prices. Although production surged, profits remained near decade highs.

This year was a blockbuster year for energy companies such as Exxon and Chevron. Because of this, companies have increased their capital expenditure budgets for 2024, investing more resources in the Permian Basin.

Chevron reported a strong quarter in its latest earnings statement, due to record production levels in the Permian Basin. Moreover, Exxon’s production in the Permian and Guyana increased by 18% in 2023.

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