Despite Oil Price Stabilization, US Major Oil Companies Report 'Record-Breaking' Profits

Despite the international oil prices stabilizing this year, major U.S. oil companies have recorded record-breaking profits.

According to major foreign media including The New York Times (NYT) on the 29th, ExxonMobil, the largest U.S. oil company, posted a net profit of $11.4 billion (about 15.2 trillion KRW) in the first quarter of this year. This is nearly double the $5.95 billion recorded in the same period last year and is the highest first-quarter net profit in the company's history.

Although net profit slightly decreased compared to the fourth quarter of last year ($12.9 billion), considering that international oil prices fell below $80 per barrel, the results are regarded as exceeding expectations.

The adjusted earnings per share were $2.83, surpassing the Wall Street analysts' consensus compiled by Bloomberg News by $0.20.

ExxonMobil announced that it increased crude oil production by a total of 40% off the coast of Guyana in South America and in the Permian Basin in the U.S.

Chevron's first-quarter net profit was $6.6 billion (about 8.8 trillion KRW), which is even higher than the $6.4 billion recorded in the fourth quarter of last year. Refining segment profits surged to $1.8 billion, more than five times that of the same period last year.

Despite the recent decline in oil prices, both companies have secured massive profits for four consecutive quarters. During this period, ExxonMobil's average quarterly net profit exceeded $10 billion, and Chevron's average net profit approached $9 billion. This is the highest level since 2008, when international oil prices exceeded $145 per barrel.

In the international community, there are voices calling for imposing a windfall tax on these major oil companies' profit bonanzas.