Exxon, Chevron split over how to manage rising cash piles

The two largest U.S. oil companies - Exxon Mobil Corp (XOM.N) and Chevron Corp (CVX.N) - are minting cash from booming oil and gas operations, but are splitting over what to do next.

The pair on Friday posted first-quarter results that topped Wall Street forecasts as earnings soared. Exxon's net hit $11.4 billion while Chevron earned $6.6 billion and with analysts expecting the strong results to continue this year.

Both have paid down debt incurred during the COVID-19 downturn, have nearly pristine balance sheets and are spending well below their...