ExxonMobil and Chevron of the US and Eni of Italy on Friday announced positive results after heavy losses in 2020 thanks to rising oil prices.
With some countries easing restrictions linked to containing the pandemic and accelerating vaccination campaigns, economic activity is recovering, which translates into increased energy consumption.
Oil prices are benefiting from this cyclical development, which has led the price of Brent, a North Sea barrel, to reach $61.1 on average during the quarter, compared to $50.1 in the same period last year and $44.2 in the fourth quarter of 2020.
This recovery has filled the coffers of oil companies, with ExxonMobil posting profits of $2.7 billion between January and March, Chevron $1.38 billion and Eni €856 million.
The trend was the same as other relevant names in this sector, which have released results in recent days, with high profits from BP ($4.7 billion), Shell ($5.7 billion) or even Total ($3.3 billion).
This rise in profits has been fueled by rising prices, but also by cost cutting, which includes massive layoffs and drastic reduction in investments
