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Exxon’s record profit in the period comes after America’s tech giants spent much of the past decade supplanting the oil industry at the top off the index. More than half of S&P 500 companies have reported so far this earnings season.
Read more: Exxon to top combined 2022 earnings of Amazon (NASDAQ:AMZN), P&G, Tesla (NASDAQ:TSLA)
In Europe, a continent-wide scramble to stash natural gas ahead of winter swelled the prices Exxon received for the fuel by 22%, more than offsetting the pain from a 12% drop in what the company fetched for crude. Shareholders for Big Oil have been demanding higher returns and an end to costly exploration programs, adding to commodity-price pressures.
©2022 Bloomberg L.P.
