U.S. oil companies ExxonMobil and Chevron announced their second-highest profits in a decade on Friday, with both companies paying out a record amount to shareholders in 2023, which was the hottest year on record due largely to the burning of fossil fuels.

“In 2023, we returned more cash to shareholders and produced more oil and natural gas than any year in the company’s history,” Chevron chief executive Mike Wirth boasted in a statement.

Exxon also said it processed a record amount of oil and gas through its refineries. While profits for both companies have declined relative to their record hauls in 2022, Exxon CEO Darren Woods told CNBC’s “Squawk Box” Friday that “we’ve more than doubled our earnings power from 2019 to 2023.”

Exxon reported a total of $36 billion in profits with $32.4 billion paid to shareholders, while Chevron took home $21.4 billion and paid out $26.3 billion, putting them behind only Apple, Microsoft, and Google parent Alphabet for total payouts from a U.S. company, according to a........

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