US oil giants return to profitability in Q1 on higher oil prices
After a string of losses, ExxonMobil and Chevron on Friday both reported a return to profitability in the first quarter, bolstered by a significant jump in oil prices.
The results, which come amid a similar round of profits by Royal Dutch Shell, Total and other European petroleum giants, point to a much-improved demand outlook compared with last year, when oil prices tumbled midway through the first quarter as the coronavirus crisis shuttered large parts of the economy.
“Earnings strengthened primarily due to higher oil prices as the economy recovers,” said Chevron Chief Executive Mike Wirth.
US Oil Giants Return To Profitability In Q1 On Higher Oil Prices By John BIERS
04/30/21 AT 8:16 PM
After a string of losses, ExxonMobil and Chevron on Friday both reported a return to profitability in the first quarter, bolstered by a significant jump in oil prices.
The results, which come amid a similar round of profits by Royal Dutch Shell, Total and other European petroleum giants, point to a much-improved demand outlook compared with last year, when oil prices tumbled midway through the first quarter as the coronavirus crisis shuttered large parts of the economy. Earnings strengthened primarily due to higher oil prices as the economy recovers, said Chevron Chief Executive Mike Wirth.
Saturday, 01 May 2021 07:24 AM MYT
ExxonMobil, which reported losses in all four quarters in 2020, reported profits of US$2.7 billion in the first quarter. Reuters pic
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NEW YORK, May 1 After a string of losses, ExxonMobil and Chevron yesterday both reported a return to profitability in the first quarter, bolstered by a significant jump in oil prices.
The results, which come amid a similar round of profits by Royal Dutch Shell, Total and other European petroleum giants, point to a much-improved demand outlook compared with last year, when oil prices tumbled midway through the first quarter as the coronavirus crisis shuttered large parts of the economy.
US oil giants return to profitability in Q1 on higher oil prices
By AFP
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After a string of losses, ExxonMobil and Chevron on Friday both reported a return to profitability in the first quarter, bolstered by a significant jump in oil prices.
The results, which come amid a similar round of profits by Royal Dutch Shell, Total and other European petroleum giants, point to a much-improved demand outlook compared with last year, when oil prices tumbled midway through the first quarter as the coronavirus crisis shuttered large parts of the economy. Earnings strengthened primarily due to higher oil prices as the economy recovers, said Chevron Chief Executive Mike Wirth.
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