Higher Oil Prices Boost ExxonMobil Profits
Muhammad Irfan 2 months ago Fri 30th July 2021 | 06:50 PM
New York, (UrduPoint / Pakistan Point News - 30th Jul, 2021 ) :ExxonMobil reported better-than-expected quarterly profits Friday on higher commodity prices, pointing to rising energy demand amid the economic recovery from Covid-19.
"Positive momentum continued during the second quarter across all of our businesses as the global economic recovery increased demand for our product," said Chief Executive Darren Woods.
Revenues more than doubled to $67.7 billion.
Chemical profits also surged during the period on strong demand and pricing.
ExxonMobil said it expects higher planned spending in the second half of the year on key projects, but signaled it does not expect to shift into a more aggressive posture on investment.
Shares rose 1.0 percent in pre-market trading to $59.50.