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Exxon’s plastics business is turning record profits

·3 min read
Exxon’s plastics business is turning record profits
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Oil companies posted bumper earnings for the second quarter of 2021, mainly thanks to the highest oil prices in half a decade, which were in turn driven by the post-pandemic return of air and road travel, and a dispute over production quotas among OPEC member states. Royal Dutch Shell’s adjusted earnings amounted to $5.5 billion in the second quarter, it announced on July 29, compared to $638 million in the same period last year. Flush with cash for the first time in recent memory, both companies announced plans to buy back a combined $2.8 billion in shares, a reward for investors who have stuck with the companies through the collapse of their share prices throughout 2020.