Exxon Mobil, the biggest U.S. oil producer, has slashed costs, delayed projects and said it could trim an estimated 14,000 employees globally, or 15%, including contractors.
The swing to profit in the first quarter also comes as Marathon Oil and other shale producers slashed spending and production last year.
Pioneer Natural Resources, which operates in the Permian Basin in West Texas, said that its total output was 474,000 boe/d in the first quarter, compared with 364,000 boe/d of production in fourth-quarter 2020.
ConocoPhillips said it sold its oil and gas for an average $45.36 per barrel during the quarter, 17% higher than the year-ago period.
The company posted quarterly production of 307,422 barrels of oil equivalent per day (boe/d), 2.8% higher than the previous quarter.
Chevron reported a profit of $1.72 billion, or 90 cents per share, compared with $2.45 billion, or $1.31 per share, a year earlier.
Net income attributable to Exxon was $2.73 billion, or 64 cents per share, in the first quarter, compared with a loss of $610 million, or 14 cents per share, a year earlier.
French energy group Total, which is branching into renewable energy and diversifying away from hydrocarbon-centered activities, benefited from this drive as areas like oil refining suffered.
Equinor reported detailed earnings for the first time from its renewables division, which benefited strongly from the company’s sale of stakes in wind farms off the coasts of Britain and the U.S.
Continental Resources, a top producer in the Bakken shale region of North Dakota, also reinstated a quarterly dividend at $0.11 per share, which is double the previous quarterly dividend.