Investing.com – Stocks of Exxon Mobil (NYSE: Chevron (NYSE:) each rose by around 2% in Friday’s premarket as surging energy prices in booming economies delivered record third-quarter earnings.

Each company had suffered losses during the same time period last year, but they easily beat their July to September sales and profit forecasts.

High crude oil and gasoline prices have resulted from high demand and supply chain problems, as well as a OPEC+ determined to not race for production.

The crude oil prices more than doubled over a year. In September, U.S. prices reached a record high of $76/barrel. However, most prices traded above $68 throughout the quarter.

Refineries worked hard to ensure that supplies were available and produced crude derivatives in order to satisfy the rising demand. The most benefited were integrated energy companies such as Exxon and Chevron, which have both upstream operations and downstream operations.

Exxon was the bigger market-cap company, earning $6.8 billion, after suffering a $680m loss during the 2020 September quarter. In its best results since 2017, Exxon’s revenue grew 60% to $73.78 Billion.

All three businesses of the company delivered better returns against the background of a recovering world economy, Chief Executive Darren Woods stated in prepared remarks. It plans to invest $10 billion in share repurchases by 2023, and will resume this exercise next year.

Chevron saw a strong international performance that drove its operating profit from oil production to $5.13 trillion, up from $235 million last year. Total net profit was $6.1 Billion. Revenue rose 83% to $44.7B.