US oil giants ExxonMobil and Chevron reported strong profits this week, riding a wave of higher prices amid recovering demand, but pledged to keep a lid on spending. The results marked a 180-degree reversal from this time last year when the companies suffered hefty losses amid heavy pandemic restrictions that crimped economic activity and halted travel. “Positive momentum continued during the second quarter across all of our businesses as the global economic recovery increased demand for our product,” said Exxon Chief Executive Darren Woods. But neither company indicated plans to pivot away from the focus on spending discipline or open the spigots on more investment in additional projects, reflecting pressure from investors, including those who oppose more spending on fossil fuels. ExxonMobil said it would keep its 2021 capital spending budget at the low end of projections, while Chevron highlighted its lower spending in the second quarter. Chevron also announced plans to resume share repurchases in the third quarter.