ExxonMobil reported record quarterly profits of nearly $20 billion on Friday. The profit tripled, aided by higher oil and natural gas prices.
ExxonMobil reported a third-quarter net profit of $19.7 billion, or $4.68 per share, nearly tripling the $6.8 billion, or $1.57 per share, earned a year ago. It was a sharp contrast to two years ago, when the pandemic's collapsing fuel demand resulted in a string of losses.
Aside from the strength, the Texas-based company attributed the results to "strong volume performance" and "rigorous cost control."
The results of the largest US supermajor were echoed by rival Chevron, whose record third-quarter profit of $11.2 billion fell just short of the previous quarter's record earnings.
Chevron's third-quarter profit of $11.2 billion, or $5.78 per share, was 84% higher than the previous year's net profit of $6.1 billion, or $3.19 per share. Exxon and Chevron both outperformed Wall Street expectations in terms of earnings.