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Big oil companies are raking in their highest profits since the start of the coronavirus pandemic, but they plan to continue spending sparingly to increase production despite rising commodity prices.
Exxon Mobil Corp. reported $ 4.7 billion in second-quarter profits on Friday, while rival Chevron Corp. reported $ 3.1 billion in quarterly profits.
The results represented a dramatic turnaround from the previous year, when Exxon reported a quarterly loss of $ 1.1 billion and Chevron lost $ 8.3 billion as demand for oil and gas sank. was collapsing due to the shutdown of economies around the world due to the virus.
Some of Europe’s biggest oil companies also reported strong results earlier in the week. Royal Dutch Shell PLC reported a net profit of $ 5.5 billion, while TotalEnergies SE reported a profit of $ 3.5 billion.
The oil and gas industry recovered from unprecedented losses in 2020 as economies reopened this year, pushing prices up to their highest levels in two years. Oil prices in the United States have mostly remained above $ 60 a barrel since March, after briefly turning negative in April last year and remaining below $ 50 for most of 2020. Oil prices have moved higher. closed at nearly $ 74 a barrel on Thursday.
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