Record Oil Profits
Oil stock investors are rolling in record profits … will this trade continue rewarding investors? … gold bounces as we’d hoped … copper is also moving higher … where the market goes next The price of oil might be down substantially from June highs, but investors in top-tier oil stocks haven’t noticed — they’re too busy counting profits. If you haven’t been watching, oil stocks are crushing it this earnings season. From Energy Wire : Three of the world’s biggest oil companies reported their biggest-ever profits last week, as Russia’s war in Ukraine drove up oil and gas prices and American drivers faced the highest gasoline prices on record. Exxon Mobil Corp. earned $17.9 billion in the second quarter of the year, Chevron Corp. earned $11.6 billion, and Shell PLC earned $16.7 billion. That’s more than triple each company’s profit from the same period last year… We can add BP to this list. It reported a profit of $8.5 billion yesterday. That’s its highest-reported profit in 14 years. But with the price of West Texas Intermediate Crude (WTIC) down about 20% from its June high, and recessionary pressures mounting, is it time to take oil profits and run?
Record Oil Profits
Oil stock investors are rolling in record profits … will this trade continue rewarding investors? … gold bounces as we’d hoped … copper is also moving higher … where the market goes next The price of oil might be down substantially from June highs, but investors in top-tier oil stocks haven’t noticed — they’re too busy counting profits. If you haven’t been watching, oil stocks are crushing it this earnings season. From Energy Wire : Three of the world’s biggest oil companies reported their biggest-ever profits last week, as Russia’s war in Ukraine drove up oil and gas prices and American drivers faced the highest gasoline prices on record. Exxon Mobil Corp. earned $17.9 billion in the second quarter of the year, Chevron Corp. earned $11.6 billion, and Shell PLC earned $16.7 billion. That’s more than triple each company’s profit from the same period last year… We can add BP to this list. It reported a profit of $8.5 billion yesterday. That’s its highest-reported profit in 14 years. But with the price of West Texas Intermediate Crude (WTIC) down about 20% from its June high, and recessionary pressures mounting, is it time to take oil profits and run?