On Friday, US oil giants Exxon Mobil and Chevron recorded strong annual profits concluding with a solid fourth quarter despite a dive in crude prices at the end of the year. Exxon Mobil reported profits of $20.8 billion in 2018, up 5.8 per cent from 2017, while Chevron notched annual earnings of $14.8 billion, up 61.2 per cent, capping the best year in terms of earnings since 2014.

Exxon Mobil increased its 2019 capital budget plan to $30 billion from the prior plan of $28 billion, while Chevron announced both a dividend increase and a new $25 billion share repurchase program. In the fourth quarter, Exxon Mobil's oil output rose 4.3 per cent, with increases in the US and Asia oil more than equalizing declines in worldwide gas production.Exxon Mobil also marked much higher refining profits due to lower downtime at US plants and gains from asset sales.

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However shares of both companies surged following the earnings releases, with fourth-quarter profits topping analyst expectations for both companies due in part to higher oil and gas output.

While At Chevron, oil and gas output jumped 5.2 per cent in the fourth quarter. Chief Executive Mike Wirth pointed to the start in 2018 of a major new project in the Gulf of Mexico, an expansion of an Australian liquefied natural gas project and ramped-up programs in the Permian Basin.

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