Chevron Q3 Net Profit 16 Trillion Won... Second Highest Ever

[Asia Economy Reporter Yujin Cho] American oil company Chevron achieved record-breaking earnings in the third quarter due to rising energy prices.

Chevron announced on the 28th (local time) that it recorded a net profit of $11.2 billion (approximately 16 trillion KRW) in the third quarter. This is more than double the net profit of $6.1 billion in the same period last year and significantly exceeded market expectations of $4.86 billion.

Michael Wirth, CEO of Chevron, said, "U.S. oil and gas production in the third quarter reached an all-time high," adding, "As a result, we achieved another strong quarterly financial performance."

ExxonMobil, the largest U.S. oil company, and Shell, headquartered in the UK, also continued their record profit streaks with net profits of $19.66 billion and $9.45 billion, respectively.

Foreign media noted that Shell’s profits, which more than doubled compared to last year, were significantly surpassed by Chevron’s results, calling it the most outstanding performance among the five major oil companies (ExxonMobil, Chevron, Shell, British Petroleum, TotalEnergies).

The boom in profits for these oil giants is driven by rising energy prices. Due to the impact of the Ukraine war, Brent crude prices rose 37% per barrel compared to the same period last year, and natural gas prices more than tripled in the third quarter.

Meanwhile, U.S. President Joe Biden criticized oil companies for prioritizing shareholder profits instead of contributing to lowering oil prices. In a speech commemorating Micron’s large-scale investment held in Syracuse, New York, the previous day, President Biden said, "Shell’s profits more than doubled compared to last year, and dividends also increased," adding, "Shell’s profits are going to shareholders instead of lowering prices."