Exxon, Chevron amass combined $31B in profit as natural gas prices soar (NYSE:XOM)

straga/iStock via Getty Images

Shares of energy companies moved higher on Friday and the week after a robust round of earnings from oil majors.

A day after Shell (SHEL) reported a Q3 profit of $9.45B and raised its dividend by 15%, US giants Exxon Mobil (NYSE:XOM) and Chevron (NYSE:CVX) posted a combined $31B in quarterly profits.

Exxon rose 3% Friday after reporting its highest-ever quarterly profit of nearly $20B, cashing in on rising oil and natural gas prices; the stock hit a fresh record high and has surged ~80% YTD.

Chevron shares ticked up 1% after the second largest US oil major posted just a slight dip from the record earnings haul it set in the previous quarter.

Natural gas prices, which rose to record levels in Q3, helped both companies after strong upstream results; Chevron said its average realized sales price of natgas was $7.05/Mcf, more than doubling from a year earlier, and Exxon’s gas realizations surged 172%, helping its upstream division profits triple from a year earlier.

US natural gas prices have slumped more than 40% since their August peak, finally snapping a nine-week losing streak with the front-month Nymex December contract (NG1:COM) settling +3.9% to $5,684/MMBtu.

Also for the week, Nymex December crude oil (CL1:COM) closed +3.3% to $87.90/bbl, and December Brent crude (CO1:COM) ended +2.4% to $95.77/bbl.

Energy (XLE) ranked third from the bottom among the 11 S&P sectors this week, +2.7%.

Top 10 gainers in energy and natural resources during the past 5 days: (HLX) +37.1%(OII) +31%(NBR) +28.6%(SND) +24.6%(AZRE) +22.5%(CHX) +22%(Tusk) +21.5%(NINE) +18.2%(CGRN) +17.9%.

Top 5 decliners in energy and natural resources during the past 5 days: (BW) -33.9%(PEGY) -27.1%(CLF) -17.7%(NRGV) -16.9%(CSTM) -16.7%(PBR.A) -16.5%(PBR) -16.2%(SID) -13.6%(NEX) -12.1%(GOODBYE) -11.8%.

Source: Barchart.com

straga/iStock via Getty Images Shares of energy companies moved higher on Friday and the week after a robust round of earnings from oil majors. A day after Shell (SHEL) reported a Q3 profit of $9.45B and raised its dividend by 15%, US giants Exxon Mobil (NYSE:XOM) and Chevron (NYSE:CVX) posted a combined $31B in quarterly…

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