U.S. oil giants Exxon, Chevron post blowout earnings, ramp up buybacks

FILE PHOTO: A combination of file photos shows the logos of five of the largest publicly traded oil companies BP Chevron Exxon Mobil Royal Dutch Shell,and Total - The two largest U.S. oil companies, Exxon Mobil and Chevron Corp, posted record revenue on Friday, bolstered by surging crude oil and natural gas prices and following similar results for European giants a day earlier.

The companies posted strong results in their production units, helped by the surge in benchmark Brent crude oil futures, which averaged around $114 a barrel in the quarter. Earlier this month, the United Kingdom passed a 25% windfall tax on oil and gas producers in the British North Sea. U.S. lawmakers have discussed a similar idea, though it faces long odds in Congress.A windfall tax doesn't provide "incentive for increased production, which is really what the world needs today," said Exxon CFO Kathryn Mikells, in an interview with Reuters.

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