America’s Oil Giants ExxonMobil and Chevron Had Great Results!

America’s oil giants ExxonMobil and Chevron defied the odds and announced some amazing results on Friday.

America’s oil giants refused to back out, keeping a tight grip on spending to keep margins high. Exxon, for instance, increased output from new offshore developments, hitting a record $11.4 billion in profit – its biggest first-quarter profit ever and more than double the year before.

And Chevron dodged a bullet too, relying on its oil refining business to plug the gap left by slipping prices – ultimately taking a great profit of $6.6 billion.

Chevron sees oil markets bouncing back in the second half of the year, banking on China’s reopening to rev up demand.

But even if global economies start sputtering, Exxon and Chevron have aces up their sleeves: massive cash reserves (we’re talking $33 billion and $16 billion, respectively). So even if things do go south, they can simply snap up smaller rivals, juicing growth and snagging sweet deals on struggling competitors.

Maintaining this performance could be tricky. Oil prices have been on a slippery slope lately, thanks to fears a that downturn could hit demand. US economic growth fell short of expectations last week, and while the eurozone did manage to return to growth, it looks like the bloc is just about staying afloat.

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