Exxon posts $4.7B in Q2 profit as demand for fuel rebounds

Exxon Mobil swung back to a second-quarter profit and topped expectations as demand for fuel recovered from lows reached earlier in the pandemic.

Exxon reported Friday that it earned $4.69 billion, or $1.10 per share, in the April-June quarter after reporting a loss in the same period last year during the mass shutdowns intended to limit the spread of the coronavirus

On top of dealing with volatile energy prices, oil and gas companies are increasingly facing pressure from investors to shift to cleaner energy sources to slow climate change.

Exxon shareholders recently shook up the company’s board, voting to replace three of its 12 members with directors they said were better equipped to guide the oil giant through a transition to cleaner energy.

In a conference call with investors Friday, CEO Darren Woods began his remarks by acknowledging changes within Exxon, saying the company has been meeting with the new directors, and many of his remarks throughout the call were focused on climate-related initiatives.

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