Just one day after their top execs were grilled by Congressional Democrats for allegedly misleading the public about climate change, the biggest of Big Oil in the U.S. pumped out their strongest results in years.
Exxon Mobil and Chevron reported Friday that they had swung to a quarterly profit from a loss a year ago --- $6.8 billion in Exxon’s case, its best result in four years; $6.1 billion for Chevron, its most in eight years.
Fueling those profits: rising energy prices. The prices for oil and gas more than doubled in the past year. Supply shortages pushed oil to a three-year high during the quarter, and they’re now trading near a seven-year high.
Exxon and Chevron have doubled down on oil production. That sets them apart from their European peers, who are shifting into solar and wind, something they were grilled about by Democratic Representative Ro Khanna at Thursday’s hearing.
“I don't believe you purposely want to be out there spreading climate disinformation. But you're funding these groups, and they're really having an impact. They're spending millions of dollars in Congress to kill electric vehicles, and they’re spending millions of dollars against the methane gas.”
The companies’ results also come as President Joe Biden heads to Scotland for a climate summit after trying to unite his party behind the $1.75 trillion climate and social spending plan. Shares of both oil producers rose in early trading Friday.