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Oil companies Exxon Mobil and Chevron reported solid earnings at closing of the first quarter of the year, in the midst of a scenario in which gasoline prices give consumers no respite.
It was precisely the high energy prices, driven by the military crisis in Ukraine , which fueled the quarterly results of the two large oil companies in the United States.
Despite the positive results, neither of the two companies has in their short-term plans increase production, a request that the administration of President Joe Biden has made repeatedly to cool prices for consumers.
However, both companies pointed out that they increased their production in the so-called Permian Basin, a huge oil field that extends p or Texas and New Mexico.
However, both companies clarified that the foregoing does not mean that they plan to significantly increase their oil and natural gas production , according to a report by The New York Times.
In his earnings report, Chevron’s executive director, Michael Wirth, acknowledged that in the market there is still a lot of uncertainty, so it is time for your company to proceed with caution.
“One of the lessons of history is that just as bad times don’t last forever, neither do times when prices are strong,” Wirth pointed out.
Chevron reported a profit of $6,300 million dollars, a figure that far exceeded the figure for the first quarter of 2021, when the winnings were $1,370 millions of dollars.
The California-based company explained that its national production increased 10% during the first quarter of 2022, compared to the first quarter of last year.
While that the capital expenditures reported by the oil company were only 000% higher compared to the first three months of last year.
For its part, Exxon doubled its quarterly profits, compared to those of the first quarter of the year 2021, at $5,500 million dollars, an increase of more than $6,000 millions of dollars.
However, Exxon’s CEO, Darren Woods, acknowledged that the company faces challenges, noting in particular the s weather factors.
“Profits increased modestly, as the strong margin improvement and underlying growth were offset by the weather,” he said.
In this sense, the oil company explained that its oil production and gas was 4% lower compared to the first quarter of 2021, due to interruptions and effects of bad weather.
“We are going to be a little more conservative in the short term”, added the executive director.
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