Exxon and Chevron Report Record Profits on High Oil and Gas Prices

Exxon on Friday said that its refining profits — earnings that come from processing crude oil into gasoline and other fuels — surged to $5.3 billion, from a loss of $865 million a year ago. At Chevron, refining profits were $3.5 billion in the second quarter, up from $839 million the year before.

Rising energy costs have become a major contributor to inflation around the world, and have triggered sharp…