Exxon And Chevron Report Record Quarterly Profits

The New York Times reports:

Exxon reported income of $17.9 billion for the three months through June, more than three times what it earned a year ago. Revenue at the energy giant jumped to $115.6 billion, from $67.7 billion a year ago.

Chevron’s performance was similar, with profit more than tripling to $11.6 billion as sales rose to $65 billion, compared with $36 billion a year ago.

Coming after oil prices nearly doubled from a year ago, the bumper results were expected, but Exxon and Chevron still beat analysts’ predictions for profits in the quarter.

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