Exxon profit triples to record $20 billion

ExxonMobil reported $19.7 billion in third-quarter net profit, or $4.68 a share, almost triple the $6.8 billion, or $1.57 a share, earned a year ago.

The company was “driving volumes at a time when clearly the world really needs our products”, Kathy Mikells, Exxon’s chief financial officer.

The largest US oil company’s results were echoed at rival Chevron, whose bumper third-quarter profit of $11.2 billion.

Chevron and Shell, France’s TotalEnergies reported earnings of $9.9 billion on Thursday, bringing total quarterly profits for the four global oil majors that have reported so far to $50.3 billion. BP will report its results next week.

The results will cheer investors.