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Oil Giants Exxon and Chevron Reporting Big Profits

Shares of Exxon and Chevron were up on Friday, after the company reported better-than-expected earnings during the last quarter. Shares of Exxon Mobil were up 61 cents to $77.61, while Chevron was up 31 cents to $70.93.

The oil industry contracted toward the end of 2008, when oil prices dropped from the $147-a-barrel level it hit during the summer months. These large companies are in good shape the weather the current economic times, since both of them have a large amount of cash they can draw on.

Exxon earned $7.8 billion in the fourth quarter of 2008. The company set a U.S. record for quarterly profits of $11.7 billion a year earlier. Profits for Exxon in the third quarter were $14.8 billion.

Chevron's revenues were down from $61.4 billion to $45.2 billion.

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