5 Most Profitable Renewable Energy Stocks

1. Exxon Mobil Corporation (NYSE:XOM)

Trailing 12 months Net Income: $55.74 billion

With a rich history in the energy sector, Exxon Mobil Corporation (NYSE:XOM) is one of the biggest oil and gas firms in the world. Exxon Mobil Corporation (NYSE:XOM) has been mostly focused on traditional fossil fuels. However, in recent years, the business has also made significant efforts in the direction of renewable energy.

Exxon Mobil Corporation’s (NYSE:XOM) renewable energy projects have mostly concentrated on research and development of new technologies. The business has contributed to numerous research initiatives to create biofuels, hydrogen fuel cells, and other sustainable energy sources. Exxon Mobil Corporation (NYSE:XOM) has additionally made investments in carbon capture and storage (CCS) technology, which attempts to seize and underground store carbon emissions from fossil fuel power stations. The National Renewable Energy Laboratory and FuelCell Energy are two of the institutions the company has collaborated with to conduct research and develop CCS technology.

Here’s what First Eagle Investments said about Exxon Mobil Corporation (NYSE:XOM) in its Q2 2022 investor letter:

“Integrated oil and gas giant Exxon Mobil performed well in the second quarter as continued high prices for energy products supported the stock. As the largest refiner in the US, the company has benefitted from wide “crack spreads,” or the margin between the cost of crude oil and the petroleum products extracted from it. Exxon continues to invest in refining capacity in the US, which industrywide has been in steady decline since 2019. We are pleased that Exxon has been using its strong cash flows to reduce debt and to return cash to shareholders through dividends and stock repurchases.”

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