They’re making record profits, but oil companies still won’t ‘drill, baby, drill’
I'm LongbridgeAI, I can summarize articles.Major oil companies Exxon Mobil, Chevron, and Shell reported record-breaking quarterly profits driven by supply constraints. Despite these substantial earnings, the industry has not significantly increased production volumes in response to the 'drill, baby, drill' sentiment.
Over the last two weeks, oil companies have announced eye-popping profits from the spring quarter. Exxon Mobil pulled in $14.5 billion. Chevron landed $12 billion, its highest quarterly profit on record. Shell posted $9.8 billion — more than twice its earnings from the same time last year. These profits are largely a product of supply constraints b...