It’s a good time to be an oil company.

The two largest U.S. oil companies, ExxonMobil and Chevron, on Friday reported blowout profits that easily beat expectations as oil prices remain sharply elevated because of the U.S. war with Iran.

ExxonMobil reported a profit that doubled from the same period last year, while Chevron’s earnings surged more than 180% from a year earlier.

As part of the bumper returns, Exxon said it was increasing the dividend it pays to investors.

The returns at both companies came as the price of oil surged beyond $100 per barrel and has remained there for months.…