Exxon posts first profit in five quarters on higher oil prices By Reuters – Investing.com

Exxon posts first profit in five quarters on higher oil prices By Reuters – Investing.com

By Jennifer Hiller

(Reuters) - Exxon Mobil Corp (NYSE:) on Friday topped Wall Street quarterly earnings estimates with its first profit in five quarters, boosted by higher oil prices and strong chemicals margins.

Earnings from Exxon and rivals this year have been rising with prices, up by a third this year, as a global oil surplus from the pandemic drains and fuel demand recovers. The swing to a profit comes as European rivals also posted results that exceeded pre-pandemic levels.