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Exxon, Chevron Score Record Profits as Markets Convulse

  • Chevron lifts buybacks 50% after beating all profit forecasts
  • Exxon holds firm on share-repurchases after blowout quarter
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Oil Earnings Have Peaked, Sankey Says
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Exxon Mobil Corp. and Chevron Corp. posted their highest-ever profits, reaping the rewards from surging commodity prices amid supply disruptions and rising demand.

Exxon, which surpassed its previous quarterly profit record by more than $3 billion, warned Friday that global energy supplies will remain tight and expensive for the foreseeable future. Chevron, meanwhile, promised investors a massive increase in share buybacks even as it cautioned that the cost of doing business will climb.