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Oil Giants Report Record Profits on High Energy Prices

July 29, 2022

Exxon XOM 4.30%▲ Mobil Corp., Chevron Corp. CVX 8.23%▲ and Shell PLC, SHEL 3.20%▲ the three largest Western oil companies, banked a record $46 billion in collective profits in the second quarter, fueled by the highest energy prices in over a decade and lucrative oil-refining margins.

Exxon, the largest U.S. oil company, said Friday its second-quarter profit rose to $17.9 billion, its highest ever and nearly four times as much as the same period a year ago, citing rising oil and fuel production, higher energy prices and cost cuts. Rival Chevron also posted a record profit Friday of $11.6 billion, up from $3.1 billion in the same period last year.

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