ExxonMobil’s quarterly fuel profits could reach as high as $4.4 billion in the second quarter as major refiners were set to collectively make $14 billion in profits, The Wall Street Journal reported.
Overall, ExxonMobil is projecting $18 billion in profit this quarter, its highest profit margin in 25 years. The projections come as average fuel prices remain elevated throughout the country, averaging well over $4 per gallon and up as much as $1.50 from this time last year, according to AAA data.
U.S. Big Oil corporation ExxonMobil joined multiple other multinational energy firms in announcing that it would distance itself from Russian business ventures Tuesday.
The American energy giant announced that it would begin the process of exiting the Sakhalin-1 drilling project, a major oil and gas development located off the far east coast of Russia. The Houston-based corporation currently owns a 30% stake in the offshore oil drilling project, Barron’s reported.
The price of crude oil touched its highest level in nearly 11 years on Wednesday amid the ongoing Ukraine crisis which has roiled energy markets.
The WTI index, the U.S. benchmark index, surged to $112.09 per barrel, its highest level since May 2011, early Wednesday before receding near $108 per barrel, marketplace data showed. The global Brent crude benchmark approached $114 per barrel then dropped below $111 a barrel.
ExxonMobil, the largest American producer of crude oil, outlined its plan Tuesday to achieve net zero carbon emissions by 2050, improving upon previous goals.
The major oil producer identified more than 150 “potential steps” that will help it achieve net zero emissions on its operations within 30 years, the company announced. ExxonMobil will increase investments in carbon capture and storage technology, hydrogen and biofuels, and bio-based plastic waste streams.
“ExxonMobil is committed to playing a leading role in the energy transition, and Advancing Climate Solutions articulates our deliberate approach to helping society reach a lower-emissions future,” ExxonMobil Chairman and CEO Darren Woods said in a statement.