Oil Giants Exxon, Chevron, and Shell Report Exponential Profits Due to High Energy Prices

The Profit Increase of Exxon, Chevron, and Shell, Given the Rise in Energy Prices, Is an Important Fact, as the Sector Witnessed a Major Financial Crisis from Other Companies During the Pandemic

The giants Exxon Mobil Corp, Chevron Corp., and Shell PLC, the largest oil companies in the West, amassed around US$ 46 billion in revenue combined in the second quarter of 2022.

The record amount achieved by Chevron, Exxon, and Shell was possible due to the high energy prices, which reached their highest level in a decade, as well as the highly profitable oil refining margins.

Exxon, the largest oil company in the U.S., announced on Friday (29) that its revenue in the second quarter of 2022 was approximately US$ 17.9 billion. The amount achieved by Exxon is the highest profit ever recorded in the company’s history, being four times greater than the profit made in the same period last year.

Chevron also achieved a record revenue of about US$ 11.6 billion last Friday, 29. This figure is higher than the US$ 3.1 billion reported in the same period of 2021. On Thursday, 28, Shell reported its quarterly profit, which reached US$ 16.7 billion.

The exponential profit of Exxon, Shell, and Chevron, due to the high energy prices, marks a significant turning point for the sector, which witnessed a severe financial situation and saw numerous energy companies declare bankruptcy during the pandemic in 2020.

Exxon and Chevron recorded emblematic losses in 2020, with Exxon being removed from the Dow Jones Industrial Average, and the energy sector dropping to less than 2.5% of the S&P 500 index.

The History of Chevron in Brazil

Chevron is one of the world’s leading energy producers, with subsidiaries operating in various countries. The company has a successful track record since 1870, producing energy that enhances people’s lives and drives energy growth worldwide.

The company has been operating in Brazil since 1915, in the downstream sector, selling Texaco products until 2017, when its energy subsidiary Chevron Brasil Lubricants celebrated a joint venture, forming ICONIC Lubricants.

The History of Exxon in Brazil

ExxonMobil was the first Oil & Gas company established in Brazil, arriving in the country on January 17, 1912, when it was still called Standard Oil Company of Brazil, and has since maintained continuous operations in the country.

The company’s extensive legacy includes the Esso brand and the tiger character from gas stations in the country, as well as the Esso Reporter, which soon after gave rise to the Esso Journalism Award, one of the most prestigious awards in the history of the press in Brazil for decades.

The History of Shell in Brazil

Shell established itself in Brazil in the 1910s, with the Anglo-Mexican Petroleum Products Co. LTD, the company’s first name, starting its activities on April 9, 1913, in a small building on Rua da Alfândega, in downtown Rio de Janeiro.

The first name of Shell Brazil, Anglo-Mexican, was due to the products being sourced from the El Aguila oil company in Mexico, in a context of growing industrialization. The industry required petroleum derivatives, and Shell saw an excellent business opportunity in Brazil.