Oil and gas giants ExxonMobil and Chevron post record first-quarter profits

Exxon’s profits in first three months of year rise to $11.34bn while rival Chevron also beats forecasts to record $6.57bn profit

ExxonMobil reported a record first-quarter profit on Friday that was more than double a year ago and topped Wall Street estimates as rising oil and gas output overcame a pullback in energy prices from high levels.

Net profit rose to $11.43bn, compared to $5.48bn a year ago that included a $3.4bn after-tax writedown to exit Russia.