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Exxon Hits Record Profits Again as Oil Industry Sees Banner Quarter

October 28, 2022

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.

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