Back in the black: Higher oil prices lift ExxonMobil, Chevron profitsHaving returned to profitability, ExxonMobil plans to use extra cash to reduce debt and buy back sharesNEW YORK: Profits at ExxonMobil and Chevron rebounded in the third quarter on strengthening oil and natural gas prices, according to results released Friday that underscored the industry's improved financial position compared with the darkest days of the pandemic. After US oil futures sank into negative territory in spring 2020 on widespread Covid-19 restrictions, demand has returned in a big way, lifting oil prices back above $80 a barrel and driving European gas prices up more than five times their level from a year ago. The latest surge in oil and gas prices comes as the industry faces increased pressures from investors to build up low-carbon businesses amid rising worries over climate change. - More buybacks -ExxonMobil reported profits of $6.8 billion, compared with a loss of $680 million over the same period last year. At Chevron, earnings came in at $6.1 billion, compared with a loss of $207 million a year ago.
