US, Saudi Oil Cos Report Record Earnings Amid Soaring Gas Prices

At a glance

  • Aramco also said half-year earnings reach nearly $88 billion, as gasoline prices worldwide have soared since start of Russia’s Ukraine invasion in February.
  • Exxon Mobil reports unprecedented first-quarter $17.85 billion profit, while Chevron made record $11.62 billion.
  • Aramco’s second-quarter earnings of $48.4 billion is a more than earnings for first six months of 2021, when profits reached just $47 billion.
  • Company credited increase to higher crude oil prices, volumes sold, higher refining margins.

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