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Exxon and Chevron, Buoyed by High Oil Prices, Shower Investors With Cash

April 29, 2022

Big oil companies are continuing to reap the benefits of high commodity prices but aren’t backing off plans to reward investors while keeping production roughly flat.

Exxon XOM -2.24% Mobil Corp. said Friday it collected $5.5 billion in first-quarter profit, more than double the same period last year. The U.S. oil giant said it would triple its share repurchases, but will keep oil-field spending at a modest pace.

Chevron Corp. CVX -3.16% , the second-largest U.S. oil company after Exxon, on Friday said it made $6.3 billion in quarterly profit, its highest in almost a decade and up from about $1.4 billion in the same period last year. The company has paid out $4 billion to investors in dividends and share repurchases this year.

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