NEW YORK -- Exxon Mobil has reported profits of $2.73 billion in the first quarter after a tumultuous year led to major spending reductions.
The oil giant brought in $59.15 billion in revenue, up 5% from the same quarter last year.
Its smaller rival Chevron reported a $1.4 billion profit in the first quarter, down from $3.58 billion at the same time last year, due to the pandemic and the impacts of winter storms.
The oil industry has been struggling with massive losses after the global coronavirus pandemic curtailed demand for fuel.
Some economists are projecting that demand for oil may never return to pre-pandemic levels.
Investors are pressuring oil and gas companies to find different sources of revenue.