US oil giants return to profitability in Q1

After a string of losses, ExxonMobil and Chevron on Friday both reported a return to profitability in the first quarter, bolstered by a significant jump in oil prices.

The results, which come amid a similar round of profits by Royal Dutch Shell, Total and other European petroleum giants, point to a much-improved demand outlook compared with last year, when oil prices tumbled midway through the first quarter as the coronavirus crisis shuttered large parts of the economy.

"Earnings strengthened primarily due to higher oil prices as the economy recovers," said Chevron Chief Executive Mike Wirth.

Yet larger petroleum companies still face major challenges, including campaigns from activist shareholders at annual meetings next month over their response to climate change.