The energy supermajors have released second quarter results and high commodity prices have pushed business’ profits to new heights as we head into the second half of the year.
BP
BP (LON: BP) reported an underlying replacement cost profit of over £7 billion, up from the first quarter’s £5.11 billion, and beyond analyst expectations.
In response, the company raised its quarterly dividend by 10%.
The London-traded BP was keen to point out its increasing attention to its electric vehicle charging capacity and is participating in green hydrogen projects in Australia and Europe, and offshore wind in the Netherlands.
However, the UK-based super major also has positive looking oil and gas prospects in Brazil, Indonesia and Canada.
At the time of writing BP stock is down 0.92% with shares selling for £4.04.
Shell
Shell (LON: SHEL) turned in record profits this quarter, raking in £9.5 billion while announcing a £4.9 billion share buyback programme for the quarter.
The London-listed company said shareholder distributions would remain “in excess of 30%” of cash flow from operating activities.
Shell shares are going for £21.20, which means prices for the oil super major’s stocks are down by 0.59%.
ExxonMobil
The US-based ExxonMobil (NYSE: XOM) announced second-quarter earnings of £14.75 billion.
The New York trade company turned in £4.5 billion profit last quarter, more than tripling the company’s profits as it heads into the second half of the year.
Chief executive of ExxonMobil Darren Woods attributed this jump in revenues to “increased production, higher realisations and tight cost control” and “continued investment in [ExxonMobil’s] advantaged portfolio”.
“We more than doubled investment compared to last year to grow both traditional and new energy business lines.”
The US oil giant is selling shares for £72.47 at the time of writing.
Total
Total Energies (EPA: TTE) reported an adjusted net income of over £8 billion inQ2.
The Paris traded firm also declaired a £2.9 billion impairment charge “related mainly to the potential impact of international sanctions on the value of its Novatek stake”, chief executive Patrick Pouyanne said.
The going rate for the Paris-listed Total’s shares is currently £41.31, up 1.43% since open.
Equinor
Equinor (OSLO: EQNR) announced adjusted earnings of £14.5 billion and over £4 billion after tax in the second quarter.
Chief executive for Equinor, Anders Opedal, said: “Russia’s invasion of Ukraine impacted already tight energy markets and has created an energy crisis with high prices affecting people and all sectors of society.
“Equinor puts its best effort into securing safe and reliable deliveries of energy to Europe, whilst continuing to invest in the energy transition.”
The firm announced last month that it is increasing its buyback plan by $1bn, having previously said it would remove $5bn of shares from the market this year to increase value for shareholders.
The Norwegian firm is selling shares on the Oslo stock exchange for £29.96, an increase of 1.52%.
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