US oil giants to keep a lid on spending even as profits surge

US oil giants ExxonMobil and Chevron reported strong profits Friday riding a wave of higher prices amid recovering demand, but pledged to keep a lid on spending.

The results marked a 180-degree reversal from this time last year when the companies suffered hefty losses amid heavy pandemic restrictions that crimped economic activity and halted travel.

"Positive momentum continued during the second quarter across all of our businesses as the global economic recovery increased demand for our product," said Exxon Chief Executive Darren Woods.