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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.
Higher crude and natural gas prices have propelled America’s largest oil companies back into profit in the first quarter after lockdown-linked losses.Chevron broke its three-quarter loss streak
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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The companies remain among the world s largest producers of oil and gas, but the coming energy transition has loomed large and stirred excitement in the last year or so, which was reflected in separate Q1 earnings calls.
Earlier this year, ExxonMobil launched its Low Carbon Solutions business to commercialize climate-change technologies and accelerate emissions reductions. It will initially focus on carbon capture and storage, or CCS, and is evaluating and in some cases advancing plans for more than 20 such projects globally, company CEO Darren Woods said.
The major s first project is a Texas hub to capture and store CO2 emissions from heavy industries around the Houston Ship Channel. It would require $100 billion of investment and aims at capturing 50 million metric tons/year of CO2 by 2030 and twice that amount by 2040. ExxonMobil unveiled the project April 19.
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