Photo: Michael Wirth, Chairman and CEO of the Chevron Corporation, during the Milken Institute Global Conference on October 18, 2021, in Beverly Hills, California. PATRICK T. FALLON / AFP VIA GETTY IMAGES

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.”

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