The world’s largest oil companies continue to reap rewards from sustained high commodity prices as Exxon Mobil Corp. XOM 1.66%increase; green up pointing triangle reported almost $20 billion in profit, its most lucrative quarter ever, while rival Chevron Corp. CVX 0.60%increase; green up pointing triangle reported just a slight dip from the record haul it set in the prior quarter.
Exxon’s third-quarter earnings climbed about 10% from the previous quarter, which also set a profit record at the time. It said investments over the past five years were yielding rewards, including spending following the onset of the pandemic when many peers pulled back.
