• By The Financial District

Combined Chevron, ExxonMobil Earnings Surge To $13B

Just days before the start of a key United Nations conference on climate change, oil companies Chevron and ExxonMobil reported a major surge in earnings during the most recent fiscal quarter, Clyde Hughes reported for United Press International (UPI).

Photo Insert: An ExxonMobil offshore oil rig

Chevron reported $6.1 billion in earnings for the third quarter, compared to a substantial loss of $207 million in the same quarter last year. The company reported an operational cash flow of $8.6 billion and a record free cash flow of $6.7 billion.

"Third-quarter earnings were the highest since first quarter 2013 largely due to improved market conditions, strong operational performance and a lower cost structure," Chevron CEO Mike Wirth said in a statement.

"We paid dividends of $2.6 billion, reduced debt by $5.6 billion, and repurchased $625 million of shares during the quarter."

For ExxonMobil, third-quarter earnings amounted to $6.8 billion -- compared to a $680 million loss in Q3 in 2020. "All three of our core businesses generated positive earnings during the quarter, with strong operations and cost control, as well as increased realizations and improved demand for fuels," ExxonMobil CEO Darren Woods said in a statement.

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ExxonMobil's free cash flow was able to cover dividends and $4 billion of additional debt reduction, it added.

The sound earnings from two of the world's largest oil companies came ahead of the G20 Leaders Summit in Italy this weekend and the United Nations Climate Change Conference, or COP26, next week.

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