Profits soared at the nation’s two largest oil companies, as ExxonMobil and Chevron both benefited from the recent run-up in oil prices.
ExxonMobil (XOM), America’s largest oil company, posted net income of $6.8 billion, swinging to a profit after a $680 million loss a year ago. Oil prices got crushed in the early months of the pandemic, when countries were still limiting travel and economic activity was at a standstill. But they’ve roared back since, surging above $80 a barrel.
