Chevron reported its largest quarterly net profit ever\u2014$12.1 billion\u2014on Friday as the Big Oil giants demonstrate how they\u2019re reaping the rewards of the Iran war\u2019s oil and gas supply disruptions worldwide.<\/p>\n
\n
ExxonMobil\u2019s $14.5 billion second-quarter income and Shell\u2019s $10.8 billion in net earnings represented their most profitable quarters since 2022, when they previously benefited from Russia\u2019s still-ongoing invasion of Ukraine.<\/p>\n
Not only are the oil and gas producers profiting from much higher crude oil prices, they\u2019re also gaining from record oil-refining margins and sky-high petrochemical gains in North America\u2014all of which are up because of the effective closure of the now-infamous Strait of Hormuz. The combined windfalls triggered rare net profits in the 11 figures.<\/p>\n
Citing further bullishness, Chevron CEO Mike Wirth said he doesn\u2019t expect the conflict to result in much reduction of global fossil fuel demand beyond the short term.<\/p>\n
\u201cDemand destruction is not obvious to me at any significant scale,\u201d Wirth said in the earnings call. \u201cI would say it\u2019s hard to find evidence of that at this point.\u201d<\/p>\n
The caveat being that \u201cChina is a black box. That\u2019s the big question is, \u2018What\u2019s really going on in China?\u2019\u201d Wirth said. With the global benchmark for oil currently hovering near $90 per barrel, China\u2019s dramatic dip in oil exports\u2014by close to 4 million barrels daily\u2014is the biggest reason why prices aren\u2019t much higher. Even though China is transitioning more quickly toward electric vehicles, China has drawn substantially from its world-leading strategic reserves and cut back on fuel exports. So those don\u2019t necessarily portend long-term shifts.<\/p>\n
In fact, maintaining optimism in the Middle East, Chevron is even planning to invest more in Iraq, including plans to reopen and expand the defunct Kirkuk-to-Baniyas pipeline to the Mediterranean, creating another channel that limits dependence on Hormuz.<\/p>\n
For Exxon, which is more exposed to Middle Eastern disruptions than Chevron, the temporary loss of its production in Qatar is a key reason its profits fell shy of all-time highs. Excluding the Middle East, Exxon reported its highest oil and gas production volumes in over two decades\u2014shortly after the initial combination of Exxon and Mobil.<\/p>\n
But Exxon CEO Darren Woods said he\u2019s confident the Middle East\u2019s energy sector will fully rebound\u2014the only question is when\u2014including repairs to its natural gas facilities in Qatar.<\/p>\n
\u201cUltimately, the world has to resolve the conflict there and get to a stable situation where those critical resources in the region find a way to the market in a reliable way,\u201d Woods said. \u201cI think there\u2019s a solution that the world will arrive at. I couldn\u2019t tell you when or exactly what it\u2019s going to look like. But those resources are just too critical to the overall economic health of the world for them to stay offline or for them to be unstable.\u201d<\/p>\n
In the meantime, North America is advantaged with all-time high oil production and growing liquefied natural gas exports. U.S. oil refineries are maximizing their outputs because of huge profit margins from refinery outages around the world\u2014involuntary outages in the Middle East and Russia (from Ukrainian attacks), and voluntary outages in China. Likewise, North American chemical plants are benefiting from their cheap domestic feedstocks\u2014primarily ethane from natural gas liquids\u2014versus the much more expensive, oil-based naphtha feedstocks used throughout Europe and Asia.<\/p>\n
\u201cThey\u2019ve been buoyant to say the least over the last few months,\u201d Wirth said of petrochemical profit margins.<\/p>\n
At the same time, many have expressed frustration over Big Oil profiting off the war while consumers pay much more to fill their gas tanks and cover the costs of inflation.<\/p>\n
In a statement from the left-leaning Clean Power group, former Democratic Washington Gov. Jay Inslee said, \u201cOil and gas companies are pocketing billions from Trump\u2019s war while the consumers pay more at the pump and the grocery store.\u201d He added that \u201cTrump is blocking cheaper, more secure clean energy so consumers have no choice but to pay his donors.\u201d<\/p>\n
Despite the massive profits, Wall Street wasn\u2019t feeling overly generous on Friday. Chevron\u2019s earnings exceeded expectations and its stock rose by over 2% to a market cap above $390 billion. However, Exxon\u2019s results were more in-line with estimates, resulting in a 1.5% dip and a market cap just below $650 billion. Still-both are trading near all-time highs after hitting stock market records in late March.<\/p>\n
Exploration rebound<\/h2>\n
For now, Exxon and Chevron will keep churning out record volumes of oil from the Permian Basin in West Texas and southeastern New Mexico.<\/p>\n
About 40% of Exxon\u2019s global oil and gas production is coming just from the Permian to the tune of 1.8 million barrels of oil equivalent daily. Chevron, which pumps out more than 1 million barrels daily in the Permian, is a distant second, representing more than a quarter of its total volumes.<\/p>\n
The two rivals also are partners in parts of the world, making them forced \u201cfrenemies\u201d worldwide. Outside of the U.S., Chevron\u2019s largest production output is in Kazakhstan where Exxon is a minority owner. And Exxon\u2019s largest non-U.S. output is Guyana where Chevron is a minority owner after its $53 billion Hess acquisition last year. Both Guyana and Kazakhstan are projecting notably more oil and gas growth in the years ahead.<\/p>\n
After the Iran war is concluded and Middle Eastern countries begin pumping more oil again, the world could eventually face a temporary glut.<\/p>\n
But Exxon and Chevron contend more oil sources are needed longer term as existing volumes are depleted, necessitating a new wave of investments in global, frontier oil and gas exploration.<\/p>\n
That\u2019s why they\u2019re both putting more funding into developing new oil and gas prospects in South America\u2014including the reemergence of Venezuela\u2014as well as West Africa, the Eastern Mediterranean, and other regions.<\/p>\n
\u201cThis is the largest and highest-quality opportunity set that we\u2019ve had in years,\u201d Chevron\u2019s Wirth said. \u201cProbably in my time in this role, we haven\u2019t had this deep an inventory of opportunity.\u201d<\/p>\n<\/div>\n
#Chevron #posts #largest #quarterly #profit #Exxon #income #surges #Iran #war #squeezes #oil #supply<\/p>\n","protected":false},"excerpt":{"rendered":"
Chevron reported its largest q… <\/p>\n","protected":false},"author":1,"featured_media":1330,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[2577,2578,273,755,2582,2579,169,456,2580,717,1277,448,2581,2584,2224,1328,2583,356],"class_list":["post-1329","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-news","tag-big-oil","tag-chevron","tag-donald-trump","tag-earnings","tag-exxon","tag-exxonmobil","tag-income","tag-iran","tag-largest","tag-oil","tag-posts","tag-profit","tag-quarterly","tag-squeezes","tag-strait-of-hormuz","tag-supply","tag-surges","tag-war"],"yoast_head":"\n
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<\/p>\n