Exxon said Friday that its refining profits — revenues that come from processing crude oil into gasoline and other fuels — have risen to $5.3 billion, from a loss of $865 million a year ago. At Chevron, refining profits were $3.5 billion in the second quarter, up from $839 million a year earlier.
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Rising energy costs have become a major cause of inflation around the world and have led to sharp criticism of energy producers. In June, Biden said that “Exxon made more money than God this year,” while scolding the company for not investing enough to increase production. Britain, home to BP and Shell, has announced a special tax on the “extraordinary” profits of oil and gas companies.
“Chevron is increasing energy supplies, increasing investment, and we are working constructively with Congress and this administration,” said Pierre R. Breber, Chevron’s chief financial officer, during a phone call with investors to discuss the results on Friday.
Shell CEO Ben van Beurden blamed high energy prices on global market conditions and government policies that discouraged investment in oil and natural gas on Thursday.
“Ultimately, our role is to provide the energy the world needs,” he said.
On Friday, Exxon and Chevron noted that they were ramping up production in the Permian Basin, a shale oil field in Texas and New Mexico. But the companies are facing shareholder pressure not to overspend on expansion, said Faisal A. Hersi, an energy analyst at Edward Jones.
“After years of overspending, these companies have found religion and are focused on discipline in capital spending,” said Mr. Hersi. “They’re going to try to grow production at that rate of 1 to 3 percent, which is an acceptable rate for investors as long as they are able to increase the cash return.”