American oil companies have increased oil production

In the second quarter, the fuel company ExxonMobil reported consolidated net profit, adjusted for one-time items, of $7.1 billion, or $1.64 per share.

As stated in the press release, the daily oil equivalent production was the highest in the history of the capital group, which was formally established from the merger of two mining companies twenty years ago.

ExxonMobil pumps crude oil "at full capacity"

In the first quarter, daily production was at the level of 4.55 million barrels , and in the described reporting period it increased to 4.8 million barrels.

The second quarter once again demonstrated the value of our strategy and competitive advantage, which continues to benefit our shareholders, regardless of market conditions or geopolitical developments, wrote ExxonMobil CEO Darren Woods.

The company sources its largest crude oil production from the Permian Basin in the United States and offshore deposits off the coast of Guyana. In the second quarter, it paid shareholders $4.3 billion in dividends and repurchased $5 billion of its own shares.

The other American giant, Chevron, also reported strong quarterly results. Adjusted net income reached $3.1 billion, or $1.77 per share.

Daily average oil production slightly exceeded 3.4 million barrels and, similarly to its competitor, was mainly produced in the Permian Basin and Guyana.

Low mining prices and higher production helped mitigate the impact of lower crude oil prices in the second quarter. Chevron allocated $2.9 billion for its quarterly dividend and $2.6 billion for share buybacks.

In declarations regarding future profits, representatives of both companies declared further investments in the exploration and extraction of hydrocarbons.

The strategies do not mention renewable energy sources or the production of alternative fuels, which means that the climate goal related to reducing carbon dioxide emissions has been postponed .