Shares of energy companies rose sharply after strong earnings from Exxon Mobil and Chevron, the two largest U.S. oil majors.
Exxon, the largest U.S. oil company, logged a second-quarter profit of $17.9 billion, its highest ever and nearly four times as much as the same period a year earlier, reflecting the highest oil-and-natural-gas prices in over a decade and hefty oil-refining margins.
Rival Chevron posted a record profit of $11.6 billion, up from $3.1 billion in the same period last year.
Oil futures rebounded Friday, testing the $100-per-barrel level, even as recession fears generated a loss for the month of July.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
07-29-22 1632ET
