Exxon Hits Record Profits Again as Oil Industry Sees Banner Quarter

The world’s largest oil companies continue to reap rewards from sustained high commodity prices as Exxon Mobil Corp. XOM 2.34%increase; green up pointing triangle reported almost $20 billion in profit, its most lucrative quarter ever, while rival Chevron Corp. CVX 0.56%increase; green up pointing triangle reported just a slight dip from the record haul it set in the prior quarter.

Despite the hefty profits and high energy prices, the two largest U.S. oil companies didn’t telegraph any plans Friday to increase spending on oil or fuel production, sticking to their annual budget ranges that were set before the war in Ukraine caused a spike in...