U.S. Oil Companies See Profits Flow

ExxonMobil and Chevron have seen profits soar on the back of the rise in oil prices.

ExxonMobil, America’s largest oil company, posted a net income of $6.8 billion, compared to a $680 million loss a year ago. 

Oil prices took a beating at the start of the COVID-19 pandemic until recently when travel and other economic activities resumed.

But they’ve roared back since, surging above $80 a barrel.

Revenue at Exxon soared 60 percent to $73.8 billion, as average crude oil prices rose 72 percent from the third quarter of 2020 to the third quarter of this year.

Chevron reported a $6.1 billion profit for the second quarter on revenue of $43 billion. The company made $3.1 billion in the second quarter on revenue of $37.6 billion.

“Third-quarter earnings were the highest since first quarter 2013 largely due to improved market conditions, strong operational performance and a lower cost structure,” said Mike Wirth, Chevron’s chief executive.

Readers Bureau, Contributor

Edited by Jesus Chan

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