BUSINESS

ExxonMobil Profits Ratchet Up

ExxonMobil and Chevron ratchet up profits to record levels in the second quarter, as both companies benefitted from the windfalls gained from the increase in energy prices.

The war between Russia and Ukraine is partly responsible for the company’s current position.

The huge earnings come as consumers reel from sky-high fuel costs that have helped drive inflation to levels not seen in decades across the U.S. and Europe, threatening a political backlash against energy companies.

Exxon’s second-quarter net profit was $17.9 billion, while Chevron’s was $11.6 billion.

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Edited by Jesus Chan

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