Big Oil scores $56 billion windfall on spiking fuel prices
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By Kevin Crowley and Mitchell Ferman, Bloomberg News
Big Oil reaped more than $50 billion in windfall profits as conflicts in the Persian Gulf and Russia roiled energy markets and drove refining results to record highs.
ExxonMobil Holdings Corp., Chevron Corp., BP Plc, Shell Plc and TotalEnergies SE all surpassed analysts’ expectations with combined adjusted net income of $56.3 billion in the most recent quarter, the third-highest combined earnings on record, according to data compiled by Bloomb
Big Oil reaped more than $50 billion in windfall profits as conflicts in the Persian Gulf and Russia roiled energy markets and drove refining results to record highs.
ExxonMobil Holdings Corp., Chevron Corp., BP Plc, Shell Plc and TotalEnergies SE all surpassed analysts’ expectations with combined adjusted net income of $56.3 billion in the most recent quarter, the third-highest combined earnings on record, according to data compiled by Bloomb
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