Exxon, Chevron generate most free cash flow in over a year

Rallying crude prices and demand for chemicals used in plastics more than offset losses from refining as the largest North American oil explorers reported their first-quarter results on Friday.

Exxon Mobil Corp. and Chevron Corp. generated the most free cash flow in more than a year as economies around the world claw their way out of lockdowns, boosting energy demand. Rallying crude prices and demand for chemicals used in plastics more than offset losses from refining oil as the largest North American explorers disclosed first-quarter results on Friday. Despite living up to Wall Street’s profit expectations, Chevron shares dropped 2.4% after disappointing investors who were anticipating a revival of share buybacks. Although Exxon’s deep refining losses were blunted by chemical profits, the stock declined by 1.7%.