ExxonMobil and Chevron shatter profit records after global oil price surge
▻https://www.ft.com/content/13f82093-1110-4c92-9fea-936067a5f29e
The five western oil supermajors — Exxon, Chevron, Shell, BP and TotalEnergies — are together on track to generate well over $50bn in profits in the three months to the end of June.
[...] Exxon and Chevron have responded [to attacks from politicians] by arguing that they are increasing spending on new supply to help meet surging demand. However, their capital spending remains far lower than prior to the coronavirus pandemic and they have prioritised increasing dividends and stock repurchases.