The world’s biggest oil companies begin reporting their second quarter profits this week, and it’s expected to be another multibillion dollar three-month haul for the majors.
The world's biggest oil companies, including Houston-based ExxonMobil, are set to release blockbuster second quarter earnings this week.The world’s biggest oil companies begin reporting their second quarter profits this week, and it’sFor the first quarter, Houston’s Exxon Mobil and ConocoPhillips, along with San Ramon, Calif., based Chevron,Still, analysts say the companies are operating against a backdrop of chaos.
Amid the unpredictability, London-based Shell is expected to report on Thursday; Exxon Mobil and Chevron are scheduled to report Friday morning; ConocoPhillips is set to release its earnings on Aug. 4. Here’s what to watch for as the profits roll in.“When earnings are released, it's less about what happened backward looking than it is about forward looking stocks, or stories about the future,” said Leah Hartman, chair of finance, accounting and marketing at the University of New Haven.
Meanwhile, fears of a recession have already been spooking some investors and leading some analysts to warn that demand for oil and gas could drop in the second half of the year. It still remains to be seen if the economy will tip into recession, but companies will likely be communicating to their investors how they’re positioned to fare during a contracting economy.
The pressure to meet environmental goals has eased slightly in recent months as Russia’s invasion of Ukraine, causing U.S. officials and other world leaders to call on the industry to boost production in effort to make up for Russian oil and gas lost to sanctions.companies with measurable progress in meeting environmental and other ESG goals
are more likely to attract larger investments and boost their stock price in the long term. Look for how Big Oil companies make the case to investors of why their ESG plans will contribute to sustained financial health for the business.
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