![]() “Continuing current Gulf Coast exports is essential to efficiently rebalance markets - particularly with diverted Russian supplies,” Woods wrote in September, according to The Wall Street Journal. In response, however, Exxon CEO Woods pushed back on Granholm’s characterization of limiting exports as beneficial to consumers. “I urge you to focus in the near term on building inventories in the United States, rather than selling down current stocks and further increasing exports,” she said. In their place, he added, would likely be the prices of commodities like diesel fuel and heating oil moving into the winter.Įarlier this year, Energy Secretary Jennifer Granholm called on major oil refiners to limit exports of refined products ahead of hurricane season and winter. ![]() The president’s actual leverage against the companies is limited. These latest earnings are likely to intensify Democratic criticism with the 2022 midterms mere weeks away. The news of soaring profits comes after criticism from Democrats, including President Biden, that companies are fleecing consumers at the pump. ![]() LNG demand has surged in Europe after the EU ended imports from Russia. Shell, meanwhile, announced profits of $9.5 billion for the quarter the previous day. Chevron also beat expectations, raking in $11.2 billion in the third quarter, also its second-highest quarter ever.Įxxon has been able to offset whipsawing oil prices largely through liquefied natural gas (LNG) exports. The company said on an earnings call that its profits were boosted by record levels of Permian Basin oil and gas production, close to 560,000 barrels per day. Exxon Mobil’s quarterly profits surpassed the second quarter’s $17.9 billion, beating analyst projections by about $4 billion. ![]()
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