‘More Money Than God’: Big Oil Posts Record-Breaking Profits in Second Quarter

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The three largest Western oil companies raked in a combined record-breaking $46 billion in profits in the second quarter of 2022, the Wall Street Journal reported Friday.

Exxon Mobil posted a profit of $17.9 billion, while Chevron posted profits of $11.6 billion, both were records for their companies and were nearly four times higher than profits made during the second quarter of 2021, according to the WSJ. Shell’s record profit of $11.5 was slightly more than double its earnings this time last year, according to quarterly press releases.

“We’re going to make sure everybody knows Exxon’s profits,” President Biden said, according to the WSJ. “Exxon made more money than God this year.”

President Joe Biden has been a frequent critic of the oil industry, calling on companies to increase production to lower prices. Biden plans to make oil industry profits an issue during the midterm elections, according to the WSJ.

Exxon’s oil and gas production is up approximately 4% from this time last year, while Chevron’s production in the U.S. is up 3.2%, according to the WSJ.

“Those investments are really helping to increase production at a time when the world needs it most,” Exxon Chief Financial Officer Kathryn Mikells told the WSJ, pointing out that Exxon was spending 40% more on searching for additional sources of oil.

The companies’ profits were boosted by the high price of crude oil, according to Reuters. However, as the Russian invasion of Ukraine and coronavirus pandemic lead to a rash of refineries being shut down, profit margins on the remaining refineries skyrocketed, outweighing the increased crude oil costs, Reuters reports.

Meanwhile, gas prices have been steadily declining to an average of $4.27 per gallon from their June peak of $5.02, but could rebound as demand for gas is slowly increasing, according to a Friday report by the American Automobile Association (AAA).

Exxon Mobil, Shell, Chevron and the White House did not immediately respond to requests for comment from the Daily Caller News Foundation.

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Daily Caller News Foundation
Daily Caller News Foundation
The Daily Caller News Foundation is a guest author for NRN. They are a non-profit providing original investigative reporting from a team of professional reporters that operates for the public benefit.

Kelly Offield is an investigative journalist and columnist for NRN, specializing on Big Tech's control of information. Click the red bell on the bottom left to turn on NRN's website notifications and watch Kelly Offield's author page to follow the developments of his column.