Big Oil is crushing it as oil prices boom
CNN
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.
Revenue at Exxon soared 60% to $73.8 billion, as average crude oil prices rose 72% from the third quarter of 2020 to the third quarter of this year, according the the US Energy Information Administration. Oil futures topped $85 a barrel for the first time in seven years earlier this week, although prices have retreated slightly since then.
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