Big Oil scores $56 billion windfall on spiking fuel prices

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 Bloomberg. The US supermajors resisted any temptation to funnel more cash into share buybacks, a step that would’ve threatened to invite political backlash. “We’ve been really focused on breaking out of this commodity cycle,” ExxonMobil Chief Executive Officer Darren Woods said during a call with analysts.

This excerpt comes from the named source. Read the original for the full reporting.