ExxonMobil reported record quarterly profits of nearly $20bn on Friday as it benefited from elevated oil and natural gas prices, setting the stage for a fresh confrontation with the Biden administration over the cost of fuel at the pump.
The largest US supermajor’s results were echoed at rival Chevron, whose bumper third-quarter profit of $11.2bn was just shy of record earnings reported in its previous quarter.
The results will be cheered by shareholders but will keep the sector in the crosshairs of the White House, which has blamed oil companies for energy prices that have fanned decades-high US inflation.
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