Exxon and Chevron quarterly earnings fall despite soaring oil prices
Summary
Exxon Mobil and Chevron reported lower profits in the first quarter this year despite higher oil prices, due to delivery delays and supply problems in the Middle East. Both companies still earned more than expected by Wall Street, and the high oil prices may benefit them in the future.Key Facts
- Exxon’s first-quarter profit dropped to $4.2 billion from $7.7 billion last year, a 46% decrease.
- Chevron’s first-quarter profit fell to $2.2 billion from $3.5 billion last year, down 37%.
- Supply disruptions and timing issues in the Middle East reduced reported earnings for both companies.
- Exxon said profits would have been $8.8 billion if these timing effects were removed.
- Oil prices reached over $126 per barrel, the highest since 2022, due to ongoing conflict involving Iran.
- BP reported more than doubling its profits last quarter, helped by oil trading.
- Some energy companies, like ConocoPhillips, lowered production forecasts because of LNG plant damage from the conflict.
- Gas prices in the US are rising, with an average of $4.39 per gallon, up from $3.19 last year.
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