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ExxonMobil Q3 profits rebound to $6.8 bn on higher oil prices

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AFP

New York (AFP) – ExxonMobil’s profits rebounded in the third quarter on strengthening oil and natural gas prices as the petroleum giant announced a new share repurchase program, according to results released Friday. The US oil company reported profits of $6.8 billion, compared with a loss of $680 million over the same period last year amid weak demand during a more severe wave of the Covid-19 pandemic. Revenues jumped about 60 percent to $73.8 billion. The results illustrated the oil industry’s profoundly improved outlook compared with the darkest days of Covid-19, when US oil futures briefly …

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