Big oil companies are raking in their highest profits since the onset of the coronavirus pandemic, but they plan to continue spending sparingly to boost production despite higher commodity prices.
Exxon Mobil Corp. reported $4.7 billion in second quarter profit Friday, while rival Chevron Corp. reported $3.1 billion in quarterly profit.
The results represented a dramatic turnaround from a year earlier, when Exxon reported a quarterly loss of $1.1 billion and Chevron lost $8.3 billion as demand for oil and gas plummeted due to the closing of economies worldwide due to the virus.
