Exxon, Chevron report record profits on steep fuel prices

Exxon Mobil and Chevron, the two largest energy companies in the United States, said Friday that profits rose to record levels in the second quarter as they continued to reap the benefits of soaring oil and gas prices.

Exxon reported income of $17.9 billion for the three months through June, more than three times what it earned in the same quarter a year ago. Revenue at the energy giant jumped to $115.6 billion, from $67.7 billion a year ago. Chevron’s performance was similar, with profit more than tripling to $11.6 billion as sales rose to $65 billion, compared with $36 billion a year ago.

Coming after oil prices nearly doubled from a year ago, the results were expected, but Exxon and Chevron still beat analysts’ predictions for profits in the quarter.