Exclusive: oil companies’ profits soared to $174bn this year as US gas prices rose

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Exxon, Chevron, Shell and BP among group of 24 who resisted calls to increase production but doled out shareholder dividends

a net income of $6.75bn in the third quarter, its highest profit since 2017, and has seen its revenue jump by 60% on the same period last year. The company credited the rising cost of oil for bolstering these profits, as did BP, which made $3.3bn in third-quarter profit. “Rising commodity prices certainly helped,” Bernard Looney, chief executive of BP, told investors at the latest earnings report.

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