MEMO: Q3 Energy Corporation Profits – What to Expect and When

As OPEC considers cutting oil production by over 1 million barrels, and temperatures start to drop, households across the country are seeing home energy bills rise more than usual for the season change, as well as the possibility of artificially inflated gas prices. For many this winter, heftier bills will mean sacrificing other necessities to keep their families safe and comfortable. The consumer energy costs are stressful, but they aren’t surprising – for decades, oil and gas corporations have taken advantage of their hold on the United States’ energy system to raise prices artificially, passing on costs to working families while raking in profits and padding shareholders’ pockets. Beginning in late October and spanning until just before the election, fossil fuel-linked energy companies will release their third quarter profits. The profits will be revealing as Americans pay more for basic necessities.

Here are some key dates to keep in mind as prices rise:

CompanyExpected Q3 Release DateCompanyExpected Q3 Release Date
TechnipFMC10/19/2022Marathon Oil Corp.11/1/2022
Halliburton10/25/2022Devon Energy11/2/2022
Valero Energy10/25/2022Pioneer Natural Resources11/2/2022
EQT Corp.10/26/2022Coterra Energy Inc.11/2/2022

10/26/2022APA Corp11/2/2022
Shell10/27/2022Occidental Petroleum11/3/2022
TotalEnergies SE10/27/2022Cheniere Energy Inc.11/3/2022
ExxonMobil10/28/2022Murphy Oil11/3/2022
Phillips 6611/1/2022Chevron11/4/2022
Marathon Petroleum11/1/2022Enbridge11/4/2022
BP11/1/2022TC Energy11/4/2022
Chesapeake Energy11/1/2022EOG Resources11/4/2022
Ovintiv Inc.11/1/2022Diamondback Energy Inc.11/7/2022
NextEra Energy10/19/2022Exelon Corp.11/2/2022
Southern Company11/3/2022Pinnacle West Capital Corp.11/4/2022
Duke Energy Corp.11/3/2022Edison International11/1/2022

Pacific Gas & Electric
11/7/2022Xcel Energy Inc.10/27/2022
Dominion Energy11/4/2022DTE Energy Co.10/26/2022

High prices and even higher profits are nothing new. Just this summer, as Americans dug out from pandemic losses, Big Oil raised their prices, blaming the eye-popping price for a gallon of gas on Russia’s invasion of Ukraine. They failed to mention that while global instability and foreign control of oil reserves does make gas a volatile commodity, they were purposely price gouging, intentionally keeping supply low in order to rake in record profits. It worked. 

In the second quarter, almost every major oil producer saw record profits: