BP posted a $2.8 billion Q2 profit and said it's raising dividends and expanding share buybacks, joining several other oil majors announcing multibillion-dollar net earnings and new investor payouts.

Why it matters: The company's report caps off a Big Oil earnings season that shows how large producers are recovering from the pandemic that hammered prices and demand last year.

Two oil-and-gas heavyweights — Shell and TotalEnergies — both said they're taking new steps to reward investors as they reported billions of dollars in Q2 profits this morning.

Driving the news: Shell said it's launching $2 billion in share buybacks that it hopes to complete by year's end and it increased dividends to 24 cents per share, a 38% boost from Q1.

The demand for oil has been rising as consumers emerge from their homes, and businesses rev up to serve them. However, oil companies are dragging their feet on ramping up production, new data from Baker Hughes showed Friday.

Why it matters: When production doesn't keep up with demand, it drives prices higher. Oil companies used to respond enthusiastically to rising prices by drilling more, in an attempt to cash in.

House Democrats this week plan to demand that executives from oil giants including Exxon testify this fall and want documents from the industry about climate change, the New York Times reports.

Driving the news: Rep. Ro Khanna, who heads the environment subcommittee of the House Oversight and Reform Committee, tells the NYT that his panel will issue letters this week to major oil companies and trade groups.

Exxon CEO Darren Woods on Friday released his second statement in three days on two lobbyists' covertly recorded comments, another sign of how concern about them has reached the highest levels of the powerful oil giant.

Driving the news: The statement says Exxon is committed to addressing climate change, citing the recent creation of its “Low Carbon Solutions” unit that’s focused on carbon capture tech and hydrogen.

Oil prices are on the rise, which could mean costs are going up for almost everything. And experts tell Axios that tight capacity means prices have much higher to go.

Why it matters: Gasoline, diesel and jet fuel come from oil — which is also used widely in the chemicals industry. Climbing oil prices mean higher costs for consumers and businesses at a time when prices for many goods and services have already been rising.

ExxonMobil CEO Darren Woods' public apology for two lobbyists' unfiltered comments is unlikely to put the controversy behind the oil giant, and the revelations may also intensify the glare on the wider industry over climate change.

Driving the news: A government affairs official compared lobbying to catching lawmakers like fish and acknowledged that the company's carbon tax support is mainly for show, in a video captured by a Greenpeace activist posing as a corporate recruiter.