Bonanza for oil giants Chevron and Exxon-Mobil

Chevron and Exxon-Mobil have enjoyed bumper profits as the energy sector continues to reap the rewards of higher prices.

ExxonMobil said earnings to March 31 topped £9.07billion, more than double the same period last year, although they were down 11 per cent from the final three months of 2022. 

The Texas oil giant absorbed a £159m hit in the quarter from a windfall tax imposed on producers by the European Union after Russia’s invasion of Ukraine.

Chevron reported profits of £5.2billion for the first quarter, up 4 per cent from the last quarter of 2022 and 6 per cent higher than 12 months earlier, although sales slipped to £38.8billion from £41.6billion a year earlier ‘primarily due to lower commodity prices’.