Exxon posts highest profit in more than a year as demand recovers

Exxon Mobil on Friday posted its first quarterly results following a contested board fight over its direction, registering its biggest profit in more than a year on rebounding demand for oil, gas and chemicals.

Oil producers are taking advantage of a doubling of crude oil prices last quarter to pare debt and increase shareholder payouts rather than spending more to boost production.

Exxon said its 2021 capital spending is expected to be at the lower end of the previously forecast range of $16 billion to $19 billion.

Deep cost cuts undertaken last year as the COVID-19 pandemic slashed demand have remained, allowing price gains to bolster profits.