ExxonMobil and Chevron enjoy revenue boom
Quarterly results showcase upwards trajectory for oil producers despite the focus on capital discipline
The US majors enjoyed another strong financial quarter as commodity prices held firm and economic activity continued to rebound. In Q2, ExxonMobil posted earnings of $4.7bn—$5.8bn above last year’s Q2 loss—while Chevron’s recovery was even greater. The operator managed $3.1bn in earnings, a massive $11.4bn lift above the lows of the same quarter last year. The chemicals sector was one of the major driving forces for improved ExxonMobil numbers. The company achieved a record quarterly performance, $2.3bn in earnings, with margins boosted by tight supply in North America and Europe. Atlantic basin polyethylene and polypropylene margins were particularly affected, while North American ethane fe
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