ExxonMobil’s profits nearly quadrupled to $17.9 billion, results released on Friday underscored the elevated state of oil and natural gas prices amid tightness in commodity markets.
The US oil giant posted profits of $4.7 billion in the same period last year. Revenue rose 68.7 percent to $111.3 billion.
ExxonMobil, along with rivals Royal Dutch Shell and TotalEnergies, has announced massive second-quarter earnings growth after the Russian invasion of Ukraine that has weighed on energy markets.
ExxonMobil’s results were also boosted by a strong performance in its downstream business amid high gasoline prices and limited refining capacity.
“Profits and cash flow benefited from increased production, higher realizations and tighter cost controls,” said Chief Executive Darren Woods.
“The strong second quarter results reflect our focus on fundamentals and the investments we initiated several years ago and sustained through the depths of the pandemic.”
The oil giant, which suffered a string of quarterly losses early in the pandemic as oil demand exploded, is thriving following the market turnaround.
During the quarter, ExxonMobil benefited from a 71 percent increase in crude oil prices compared to the same period last year and a 186 percent increase in natural gas.
The refining business, which lost money in the 2021 quarter, posted a profit of $5.3 billion.
ExxonMobil shares rose 2.6 percent to $95.03 in premarket trading.
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