Higher oil prices boost Exxon earn­ings

The Korea Times - - WORLD BUSINESS -

NEW YORK (AFP) — U.S. pe­tro­leum gi­ants ExxonMo­bil and Chevron re­ported big jumps in sec­ond-quar­ter prof­its Fri­day, the lat­est boost from a re­cov­ery in oil prices that still feels shaky to many in­dus­try of­fi­cials. Exxon’s profit for the quar­ter end­ing June 30 nearly dou­bled to $3.4 bil­lion, while Chevron nabbed $1.5 bil­lion in earn­ings, up from a $1.5 bil­lion loss in the year-ago pe­riod.

The big im­prove­ment in prof­its came on the heels of a re­cov­ery in oil prices in the wake of agree­ments by the Or­ga­ni­za­tion of the Pe­tro­leum Ex­port­ing Coun­tries to limit pro­duc­tion.

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