Exxon Mobil Corp. and Chevron Corp. amassed more than $30 billion in combined net income as politicians blast Big Oil for raking in massive profits at a time when consumers are struggling with soaring inflation and energy shortages worldwide.
Exxon posted the highest profit in its 152-year history, while Chevron announced its second-best quarterly result as natural gas demand and prices surged. Those earnings follow strong results posted by European peers Shell Plc and TotalEnergies SE earlier this week.
Even as the supermajors bask in profits unimagined just two years ago during the darkest days of the pandemic, oil executives are under pressure by government leaders to ease prices at the pump for consumers and cut global-warming emissions. Meanwhile, shareholders have been demanding higher returns and an end to costly exploration programs, adding to commodity-price pressures.
