Oil companies rake in huge profits amid consumer squeeze ...Middle East

Major oil companies saw profits soar in the third quarter of 2022, continuing a trend of massive industry profits even as Russia’s invasion of Ukraine causes spiraling prices for consumers.   ExxonMobil on Friday morning reported its highest earnings ever at $19.7 billion for the quarter, while Shell reported its second highest of $9.5 billion.   ExxonMobil’s quarterly profits surpassed the second quarter’s $17.9 billion, beating analyst projections by about $4 billion. The company said on an earnings call that its profits were boosted by record levels of Permian Basin oil and gas production, close to 560,000 barrels per day.   Shell, meanwhile, announced profits of $9.5 billion

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