Global oil giants rake in massive profits in third quarter

Global oil-and-gas giants including Exxon Mobil, Chevron and Equinor posted huge profits in the third quarter, benefiting from surging energy costs that have boosted inflation around the world and hit consumers hard, reports Reuters.

Oil companies booked billions of dollars in profits as prices for crude, natural gas and fuels like gasoline hovered near record levels during the quarter. Global supplies remain tight due to output cuts stemming from the COVID-19 pandemic, and market disruption following Moscow's invasion of Ukraine.

The soaring profits are feeding criticism from consumer groups in the United States and Europe as inflation climbs. U.S. President Joe Biden has told oil companies they are not doing more to bring down energy costs, while in Britain and the European Union, there are calls for further windfall taxes on energy companies.

Exxon Mobil, the largest U.S. major, reported nearly $20 billion in revenue, exceeding expectations and surpassing its previous record set in the second quarter.

Exxon, which led record gains by the five producers known as oil majors in the prior quarter, far surpassed peers Shell and TotalEnergies with third-quarter profit almost twice as big. Its gains were aided by its highly criticized decision to double down on fossil fuels as European competitors shifted to renewable investments.