Tuesday, May 17

Exxon Is Poised To Show Record Profits As Gas Prices Remain High Across The Country

Image for article titled Exxon Is Poised To Show Record Profits As Gas Prices Remain High Across The Country

Illustration: Angelica Alzona (Shutterstock)

Good morning! It’s wine Wednesday, baby. I’m telling you this because it’s rather dreary out here in New York City today. Now, you have something to look forward to tonight – or at work, I don’t judge. So, yeah… enjoy your hump day and all that. Just try to stay dry (wink).

Anyway, gas prices are a little bit better. They’re down another cent from the day before. Now the national average for a gallon of regular gas sits at $4.16. Not great, not terrible.

But, do you know what is terrible (depending on where you stand on the issue)? Exxon is about to reveal record quarterly profit, according to Reuters. This comes despite the fact many Americans can’t afford to put gas in their cars.

Exxon Mobil Corp on Monday said its first-quarter results could top a seven-year quarterly record, with operating profits from pumping oil and gas alone of up to $9.3 billion.

A snapshot of the largest U.S. oil company’s quarter ended March 31 showed operating profits from oil and gas, its biggest unit, could jump by as much as $2.7 billion over the prior quarter’s $6.6 billion.

Exxon does not hedge, or lock in oil sales, and results generally match changes in energy prices. Russia’s invasion of Ukraine pushed up oil by 45% last quarter over the final period of 2021, to an average of $114 per barrel, the highest in seven years.

The estimates suggest total earnings for the quarter of about $9.8 billion at the mid-point of Exxon’s estimates, according to Scotiabank global equity research.

Exxon shares, which have jumped 36% year to date, rose slightly on Monday to $83.16. Official results are expected to be released on April 29, according to a securities filing.

So, you can rest easy at night knowing that even though you may be all out of money, big oil is doing as well as ever.

And, with that, let’s get to today’s gas price winners and losers.

Image for article titled Exxon Is Poised To Show Record Profits As Gas Prices Remain High Across The Country

Graphic: AAA

Here is the highest average gas prices in the country in order of highest price for a gallon regular:

  • California – $5.82 Regular | $6.04 Mid | $6.17 Premium | $6.36 Diesel
  • Hawaii – $5.23 Regular | $5.44 Mid | $5.68 Premium | $5.66 Diesel
  • Nevada – $5.16 Regular | $5.40 Mid | $5.59 Premium | $5.32 Diesel
  • Alaska – $4.72 Regular | $4.92 Mid | $5.10 Premium | $5.18 Diesel
  • Washington – $4.70 Regular | $4.93 Mid | $5.11 Premium | $5.55 Diesel

Here is the lowest average price of gasoline in the country in order of lowest price per gallon of regular:

  • Missouri – $3.72 Regular | $4.00 Mid | $4.28 Premium | $4.71 Diesel
  • Kansas – $3.74 Regular | $4.00 Mid | $4.26 Premium | $4.74 Diesel
  • Oklahoma – $3.74 Regular | $4.04 Mid | $4.26 Premium | $4.71 Diesel
  • Arkansas – $3.76 Regular | $4.08 Mid | $4.37 Premium | $4.80 Diesel
  • Texas – $3.78 Regular | $4.13 Mid | $4.43 Premium | $4.80 Diesel

See everyone tomorrow, and remember: wine was meant to be pink.

Reference-jalopnik.com

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