Main oil corporations have been making the best earnings because the coronavirus pandemic, however will proceed to spend modestly to extend manufacturing regardless of rising commodity costs.
Exxon Mobil Corp. reported Friday’s second-quarter revenue of $ 4.7 billion, rival Chevron Corp. Reported a quarterly revenue of $ 3.1 billion.
Displayed end result Dramatic turnaround From the yr earlier than Exxon reported a quarterly lack of $ 1.1 billion and Chevron misplaced $ 8.3 billion. Oil and gas demand plummets As a result of closure of the world’s financial system because of the virus.
A few of Europe’s largest oil corporations additionally reported robust outcomes early within the week. Royal Dutch Shell PLC reported a web revenue of $ 5.5 billion and Complete Energies SE reported a revenue of $ 3.5 billion.
The oil and fuel business Unprecedented loss in 2020 Costs have skyrocketed to their highest ranges in two years because the financial system resumed this yr. Since then, US oil costs have principally risen above $ 60 a barrel since March. Temporarily negative It remained under $ 50 for many of 2020 in April final yr. Oil costs closed at near $ 74 a barrel on Thursday.
Main oil firm returns to cash and continues to spend tight
Source link Main oil firm returns to cash and continues to spend tight