Exxon posts biggest quarterly profit in a year, exceeds estimates

The firm’s upbeat results show how oil producers are using the rally in prices to cut debt and boost shareholder payouts.

ExxonMobil on Friday posted its biggest quarterly profit in more than a year, sailing past analysts’ estimates and boosted by higher oil prices and record earnings at its chemicals business. The upbeat results following a contested board fight over the company’s direction highlighted how oil producers are taking advantage of a recovery in oil prices to cut debt and boost shareholder payouts rather than spend more to raise production. “Positive momentum continued during the second quarter across all of our businesses as the global economic recovery increased demand for our products,” Chief Executive Darren Woods said.