The oil giant also increased guidance for its buyback program, lifting the top end of the range to $15 billion. The average selling prices for natural gas surged to $6.22 per thousand cubic feet, up from $2.16 during the year-earlier period. operations, the average sales price per barrel of oil was $89 during the second quarter, up from $54 during the same period last year. The company's output in the Permian Basin rose 15% year over year. 'We more than doubled investment compared to last year to grow both traditional and new energy business lines,' Chevron CEO Mike Wirth said in a statement. They also note that they're dealing with the same macro issues - such as labor - playing out across the economy. Surging energy costs have been a key contributor to decades-high inflation.įor their part, oil and gas companies say they are raising output.

President Joe Biden has called on companies to raise output, saying they're keeping prices elevated at the expense of consumers. The companies' record quarter is likely to draw further ire from Washington. Utilities is the second-best performing sector, with just a 2.4% gain.Įnergy stocks' ascent follows a surge in oil and gas prices, which have jumped as Europe looks to move away from Russian fuel.

Still, energy stocks are by far the top-performing group this year, advancing 35%.

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