Oil majors report record first-half results across the board


Energy supermajors have released their second quarter results and high commodity prices have pushed corporate profits to new highs as we enter the second half of the year.

BP

BP (LON: BP) reported an underlying replacement cost profit of more than £7 billion, up from £5.11 billion in the first quarter, and above analysts’ expectations.

In response, the company increased its quarterly dividend by 10%.

London-listed BP has been keen to highlight its growing focus on its electric vehicle charging capability and is involved in green hydrogen projects in Australia and Europe, and offshore wind in the Netherlands.

However, the UK-based super major also has a positive oil and gas outlook in Brazil, Indonesia and Canada.

At the time of writing, BP stock is down 0.92% with the shares selling at £4.04.

Shell

Shell (LON: SHEL) made record profits this quarter, raking in £9.5bn while announcing a £4.9bn share buyback program for the quarter.

The London-listed company said distributions to shareholders would remain “above 30%” of cash flow from operating activities.

Shares in Shell are selling at £21.20, meaning the oil super major’s stock prices are down 0.59%.

ExxonMobil

The American company ExxonMobil (NYSE: XOM) reported second-quarter profit of £14.75 billion.

The New York trading company made a profit of £4.5billion last quarter, more than tripling the company’s profits as it heads into the second half of the year.

ExxonMobil Chief Executive Darren Woods attributed the increase in revenue to “increased production, higher achievements and tight cost control” and “continued investment in [ExxonMobil’s] preferred portfolio.

“We have more than doubled our investments compared to last year to develop both traditional and new energy activities.”

The US oil giant is selling shares for £72.47 at the time of writing.

Total

Total energies (EPA: TTE) reported adjusted net profit of more than £8 billion in the second quarter.

The Paris-listed company also announced a £2.9bn impairment charge “mainly relating to the potential impact of international sanctions on the value of its stake in Novatek”, chief executive Patrick Pouyanne said.

The prevailing rate for Paris-listed Total shares is currently £41.31, up 1.43% since opening.

Equine

Equine (OSLO: EQNR) announced adjusted profit of £14.5 billion and more than £4 billion after tax in the second quarter.

Equinor Managing Director Anders Opedal said: “Russia’s invasion of Ukraine has impacted already tight energy markets and created an energy crisis with high prices affecting people and all sectors of society.

“Equinor is working hard to ensure safe and reliable energy deliveries in Europe, while continuing to invest in the energy transition.”

The company announced last month that it was increasing its buyout plan by $1 billion, after previously saying it would take $5 billion worth of shares from the market this year to boost shareholder value.

The Norwegian company sells shares on the Oslo Stock Exchange for £29.96, an increase of 1.52%.

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