Shell reported a record quarter in May and Chevron Corp and BP posting their best numbers in a decade. Other majors, including Exxon Mobil and TotalEnergies, as well as U.S. independent shale operators, reported strong figures as the industry's biggest players concentrate on share repurchases and dividend investments. Numerous companies have said they will avoid excessive spending to boost output due to investors' desires to hold the line on spending, rather than respond to the $100-plus prices that have been a fixture of oil markets for months. read more The surging costs have become a political headache for the Biden administration, which has pulled on numerous levels to try to lower prices. They include a record release of barrels from the country's strategic reserves, waivers on rules related to the production of summer gasoline and leaning on major OPEC countries to boost output.