The two largest U.S. oil companies, Exxon Mobil Corp. and Chevron Corp. , reported on Friday their most profitable quarterly earnings since before the onset of the global pandemic. Exxon reported earnings of $6.8 billion, its best quarterly performance since 2017, and said it would launch a $10 billion share buyback program starting next year. Chevron reported $6 billion in net income, its best quarter since 2013, and said it generated $6.7 billion in free cash flow, its most ever.

The industry is reaping the rewards of resurgent commodity prices—U.S. crude prices have topped $80 a barrel this month for the first time since 2014—as the economy emerges from Covid-19 driven stagnation. Global energy demand is rebounding faster than anticipated, and global oil production, while still rising, is struggling to catch up with the surge in consumption.

Exxon, Chevron Amass Cash as Oil Tops $80 a Barrel – WSJ