ExxonMobil, Chevron rake in record Q3 profits following oil price surge

Benchmark U.S. crude oil sold for more than $100 a barrel in July, but fell closer to $80 at the end of September

ExxonMobil and Chevron reported record profits for the third quarter of 2022, boosted by a surge in oil and natural gas prices.

Exxon reported $19.7 billion in net income and $112.07 billion in third quarter revenue. Earnings more than doubled compared to the same period last year. Revenue rose 52%.

Chevron's quarterly profit rose 84% to $11.23 billion while revenue grew 49% to $66.64 billion during the quarter.

Exxon Mobil

Ticker Security Last Change Change %
XOM EXXON MOBIL CORP. 103.82 -0.94 -0.90%
CVX CHEVRON CORP. 154.66 -0.77 -0.50%

Chevron Corporation


As of the time of publication, Exxon stock is up more than 70% year to date, while Chevron shares are up about 50%. 


Record natural gas prices

Oil prices were initially high during the quarter but fell gradually. A barrel of benchmark U.S. crude was selling for more than $100 when the quarter began in July but was selling for closer to $80 at the end of September. Even so, diesel prices remain high, according to AAA, which affects delivery costs and raises prices for all sorts of consumer goods.

NYMEX West Texas Intermediate for December delivery was trading at $87.34 a barrel as of 1:42 p.m. ET.  As of Thursday, oil was up 12.06% for the month and 18.44% for the year.

Natural gas prices have also been high, especially as demand for liquefied natural gas has remained strong globally. The U.S. has been increasingly exporting liquefied natural gas to Asia and Europe, especially as supply of Russian natural gas declined after Russia invaded Ukraine and prices skyrocketed

"In the third quarter, crude prices moved back within the upper-end of the 10-year range as higher supply slightly exceeded demand," ExxonMobil CEO Darren Woods told analysts and investors on Friday. "Natural gas prices rose to record levels in the third quarter, reflecting concerns in Europe about the withdrawal of Russian supply as well as efforts to build inventory ahead of winter."

Though Woods acknowledged that natural gas prices have recently moderated, he emphasized that they remain well above the ten-year historical range. He added that prices in the U.S. increased by about 15% driven by higher summer cooling demand and inventory concerns.

Chevron's average sales price per barrel of crude oil and natural gas liquids in the United States was $76 in the third quarter 2022, up from $58 a year earlier. The average sales price of natural gas in the U.S. was $7.05 per thousand cubic feet in third quarter 2022, up from $3.25 in last year’s third quarter.


Exxon global throughput highest since 2008

Chevron's worldwide net oil-equivalent production was 3.03 million barrels per day in third quarter 2022. International production decreased 3% compared to a year ago, primarily due to the end of concessions in Thailand and Indonesia, while U.S. production increased 4% compared to the same period a year ago, mainly in the Gulf of Mexico and the Permian Basin.

Meanwhile, Exxon produced a total of 3.7 million oil-equivalent barrels per day, including a record of nearly 560,000 oil-equivalent barrels per day in Permian Basin. It achieved the best-ever quarterly refining throughput in North America and highest globally since 2008.

"Where others pulled back in the face of uncertainty and a historic slowdown, retreating and retrenching, this company move forward, continuing to invest and build to help meet the demand we see today and position the company for long term success in each of our businesses," Woods said.

To help meet growing demand, Exxon is expanding its oil refinery in Beaumont, Texas and expects the additional refined product to become available in early 2023.

The Associated Press contributed to this report