Major US oil and gas companies Chevron and ExxonMobil made billions in profits in the third quarter thanks to high energy prices.
A year ago, those companies were still losing because of the corona pandemic.
ExxonMobil posted a net profit of 6.8 billion dollars or almost 5.9 billion euros. A year ago, this was a loss of $680 million. The company also ramped up its oil and gas production.
The company’s total revenue from Texas rose to nearly $74 billion from more than $46 billion a year earlier. ExxonMobil announced that it would buy back $10 billion in its own shares.
Chevron posted a profit of $6.1 billion against a loss of $207 million a year ago. Revenue rose to nearly $45 billion from $24.5 billion last year. The production of oil and gas was also increased at Chevron.