Exxon and Chevron Rack Up Giant Profits

Exxon Mobil and Chevron, the largest U.S. oil companies, reported on Friday a fourth consecutive quarter of robust profits on the back of high oil and natural gas prices and strong chemical and refining earnings.

But the companies remain cautious as they face uncertain future prices because of a weakening global economy and international conflict.

Exxon’s profit of $19.7 billion from operations topped the previous quarter’s $17.9 billion. The oil giant’s latest quarterly profit was nearly triple what it made in the same period last year. It cited oil and natural gas output as major contributors, along with cost cutting.

The company said its production in the Permian Basin of Texas and New Mexico was its highest ever, as was the volume of its North American refining. “The investments we’ve made, even through the pandemic, enabled us to increase production to address the needs of consumers,” Darren Woods, the chief executive, said in a statement.

The company said it was…

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