ExxonMobil, Chevron report higher profits despite oil price dip

NEW YORK: US oil giants ExxonMobil and Chevron reported another quarter of heady profits Friday as both companies continued to direct large cash payments to shareholders.

Strong refining results offset the effect of lower crude prices in the first quarter compared with the year-ago period, lifting profits and enabling ExxonMobil to return $8.1 billion to shareholders and Chevron $6.6 billion in dividends and share repurchases.

“We’re delivering strong financial results and increasing cash return to shareholders,” said Chevron Executive Mike Wirth, pointing to a 65 percent jump in shareholder repayments compared with the year-ago period.

The results extend a bountiful period for the US oil giants in the wake of a global energy market roiled by Russia’s invasion of Ukraine.