Person
1 episodes · 7 quoted claims
Exxon doubled its earnings year over year, Shell nearly doubled its earnings in its second-highest quarter ever, and Chevron's earnings rose 180%.
“Exxon said that it doubled its earnings compared to this time last year. Shell nearly doubled. It was their second highest quarterly earnings ever. Chevron's earnings were up 180%.”
Brent crude traded around $113 a barrel, compared with about $70 before the war in Iran.
“A barrel of Brent crude is now trading around $113 a barrel. Before the war, it was about seventy.”
Oil companies are directing much of their extra cash to dividends and stock buybacks rather than new drilling projects.
“A good chunk is going to their shareholders through dividends and stock buybacks. But these companies are not really spending a ton on things like new drilling projects.”
Oil executives cited both the war in Iran and Ukrainian strikes on Russian refineries, which took capacity offline, as causes of a supply shock.
“Executives from all the companies pointed out that they're dealing with a massive supply shock, you know, not only the war in Iran, but also Ukraine's strikes on Russian oil refineries that have taken a lot of capacity offline.”
On Shell's earnings call, its CEO said he had thought the high oil prices of six months earlier were a temporary spike.
“On Shell's earnings call, CEO Wael Sohn said that he thought high oil prices six months ago was a temporary spike”
Exxon CEO Darren Woods called windfall profit taxes a misguided policy last quarter.
“last quarter, Exxon CEO Darren Woods called them a misguided policy.”
The Trump administration waived sanctions on Russia to let more fuel reach the market and loosened federal rules on a type of farm diesel.
“They've waived sanctions on Russia to allow them to move more fuel onto the market. They loosened federal rules on a type of diesel used for farming”