Exxon's profits doubled as people paid more at the pumps. Chevron's profits were more than four times higher.
It repurchased shares totaling $2.1 billion during the quarter, shelling out cash to investors as its stock price rose.
Exxon’s production fell to 3.7 million barrels per day of oil-equivalent, down 4% from the fourth quarter of 2021 due to weather-related unscheduled downtime, planned maintenance and divestments, the company said. Production in the Permian Basin grew and the company was on track to deliver a 25% increase in production there in 2022 compared to last year.
Exxon said it plans to eliminate routine flaring, the process of burning off what it considers excess natural gas, in the Permian Basin by the end of the year. Exxon also announced progress on carbon-reduction initiatives. During the quarter, Exxon secured the financing to expand its carbon capture facility in LaBarge, Wyoming and it announced plans to produce renewable fuel.Also on Friday, Chevron reported a quarterly profit $6.
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