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Profitable Exxon, Chevron emerge as global economy rebounds

Chevron
Posted at 6:53 AM, Oct 29, 2021
and last updated 2021-10-29 09:53:55-04

(AP) — Exxon Mobil swung to a hefty profit in its third quarter, thanks to increased demand for oil and higher prices. The oil and natural gas company company earned $6.75 billion, or $1.57 per share, reversing last year's loss.

Smaller rival Chevron also swung to a profit, and the two companies beat Wall Street analyst estimates.

Oil companies were under pressure during the pandemic to curtail drilling after demand plummeted because so many people were staying home. But so far in 2021, the energy sector has outpaced the broader markets, and consumers are paying more to fill up their tanks.