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Fossil fuel profits soar – producing more than 10% of S&P 500 estimated earnings
Fossil fuel profits roar back with record-high earnings whilst technology companies face recessionary headwinds.
By Kevin Crowley
Oil and gas companies' contribution to the S&P 500 Index's earnings has nearly doubled from a year ago as high commodity prices and spending discipline spur record profits while sectors like technology face recessionary headwinds.
Energy now represents more than 10% of the S&P 500's estimated net income, up from 6.5% at the same time last year, according to data compiled by Bloomberg. Still, energy makes up only 5.3% of the index's market capitalisation even after a dramatic run-up in oil producers' stock prices last year.
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