Big Oil is back to making billions

A fracking site in Midland, Texas.
A fracking site is situated on the outskirts of town in the Permian Basin oil field. Photo: Spencer Platt/Getty Images

"The world’s largest oil companies this week posted some of their best earnings in years as they control costs and ride rising oil prices that are nearing $70 a barrel," the Houston Chronicle's Jordan Blum writes on the front page.

Why it matters: "The improved earnings are another sign that the energy industry recovery is gaining momentum. U.S. oil production and exports are at record highs, and both Exxon and Chevron are investing billions of dollars to develop their holdings in the Permian Basin in West Texas."