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Exxon, Chevron Q3 profits jump on rising commodity prices, lower costs

At both companies, the results reflected their dependence on commodity price swings to boost results

Reuters  |  Houston 

Exxon Mobil Corp and Chevron Corp, two of the world's largest oil producers, said on Friday their quarterly profits each jumped about 50 percent, helped by rising commodity prices and lower costs. The results show improving cash generation at both companies and in the industry in general, as investors continued to push for capital discipline throughout the energy sector. "Cash is king, more and more," said Brian Youngberg, an oil industry analyst with Edward Jones. "These companies are trying to be disciplined and show growth." At both companies, ...

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First Published: Fri, October 27 2017. 19:54 IST