Profitable Exxon, Chevron emerge as global economy rebounds
ABC News
Exxon Mobil swung to a hefty profit in its third quarter, thanks to increased demand for oil and higher prices
Exxon Mobil reversed the losses it suffered last year during the pandemic with a $6.75 billion third quarter profit as demand pushes the price for a barrel of crude past $80 for the first time in years.
The oil and natural gas company company earned $1.57 per share, or $1.58 if non-recurring items are removed. That beat Wall Street expectations by a penny, according to a survey by Zacks Investment Research.
A year earlier it lost $680 million, or 15 cents per share.
Exxon does not adjust its reported results based on one-time events such as asset sales.
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