Shell reported a profit of $6.2 billion for Q3. It was a sharp decline from the $9.45 billion reported in the same quarter a year ago. ConocoPhillips wasn’t much different, posting $2.32 EPS with a profit of $2.8 billion in the quarter. During the same quarter last year, the figure stood at $4.5 billion.
The market was willing to ignore the lower profits, appreciating the strong performance in a tough macro environment. The shares of both companies traded positive during the day.
McCaul’s Timely Exit From Chevron
Congressman Michael McCaul’s smart switch from Chevron Corp (CVX:US) to Shell and ConocoPhillips has once again proved his keen eye for investments. Since the start of 2022, he has sold $559,000 to $1,510,000 worth of Chevron stock. During this time, he did not purchase a single share of the company. A vast majority of his sales came over the $170 price mark. The stock is trading at $148 today. McCaul’s timely exit has certainly saved him a lot of money.
While the exit from Chevron is interesting on its own, what makes McCaul’s move special is his immediate switch to Shell and ConocoPhillips. He has accumulated a massive $862,000 to $2,230,000 worth of COP stock so far this year. Most of his buy transactions have come close to the $100 price mark. The stock is currently trading at $121.
Similarly, he has also bought $200,000 - $400,000 worth of SHEL stock this year at an average price of $60.57. The stock is currently trading at $66.
The strategic shift from one oil giant to another has certainly helped McCaul increase the worth of his investments in this sector.