First-Quarter Profits Soar for Integrated Oil Supermajors

Written by John Egan for Industrial Info Resources (Sugar Land, Texas)--Integrated oil supermajor companies reported very strong first-quarter operating earnings that were boosted by sharply higher crude oil prices, better refining margins and stronger consumer demand compared to year-earlier results.

First-quarter cash flows from operations soared as crude oil prices were significantly higher than their year-earlier levels. But quarterly net earnings were dampened by multibillion-dollar charges were taken by all four supermajors -- ExxonMobil Corporation (NYSE:XOM) (Irving, Texas), Chevron Corporation (NYSE:CVX) (San Ramon, California), Shell Plc (NYSE:SHEL) (London, United Kingdom) and BP Plc (NYSE:BP) (London, United Kingdom) -- to reflect curtailment or abandonment of business interests with Russia following that country's invasion of Ukraine in late-February.