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July 29 (UPI) -- Exxon Mobil and Chevron reported record profits in the second quarter that shattered industry estimates, resulting in soaring stock prices Friday as futures for U.S. crude oil spiked nearly 3%. Exxon Mobil Corp. posted $17.9 billion in earnings in the second quarter while Chevron reported earnings of $11.6 billion during the same three-month period, more than tripling last year's second-quarter earnings of $4.7 and $3.08 billion respectively.
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The news comes a day after Shell Corporation announced $11.5 billion in second-quarter earnings, aided by high prices for gasoline and natural gas, which have both been affected by Russia's war in Ukraine.
"Earnings and cash flow benefited from increased production, higher realizations, and tight cost control," Exxon chairman and CEO Darren Woods said in a statement. "Strong second-quarter results reflect our focus on the fundamentals and the investments we put in motion several years ago and sustained through the depths of the pandemic."
Exxon was expected to make $3.74 per share, but higher earnings of $4.14 per share were tempered by $115.68 billion in revenue, $17 billion short of expectations.
Earnings analysts were equally surprised by the gains at Chevron, which made $5.82 per share on $68.76 billion in revenue, which beat an estimate of $5.10 per share on $59.29 billion in revenue.
Shares of both companies rose about 3% in premarket trading Friday.
Energy stocks have made tremendous gains this year driven by the surge in cost for oil and gas.
The Biden administration has been pressuring the oil industry to increase output as surging inflation and historic gas prices continues to make life miserable for millions of Americans still struggling financially from the pandemic.
The companies said they are dealing with labor and supply chain issues that have strained business as usual.
