Exxon, Chevron profits hit by low oil prices
Exxon posts its smallest quarterly profit since 1999 while Chevron reports a large loss
Houston
THE two mightiest US oil companies don't look so mighty any more. With oil and natural gas prices at record lows and refining profit margins weakening, ExxonMobil on Friday posted its smallest profit for any quarter since 1999, while Chevron reported a large first-quarter loss of US$725 million, in contrast to a gain of US$2.6 billion in the period a year earlier.
Weak results were expected given that oil prices plunged to below US$30 a barrel during the first quarter - a 13-year-low - while natural gas prices fell to their lowest level in nearly 17 years. Investors were mixed on the results; ExxonMobil shares closed about 0.4 per cent higher and Chevron's fell 0.2 per cent.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Energy & Commodities
Oil settles higher as weak US economic growth offset by supply concerns
India's Vedanta misses Q4 profit estimates on lower prices
BHP targets Anglo American in bid valuing miner at US$39 billion
China's Sinopec charts global expansion with refinery in rival India's backyard
Gold trades in tight range as market focuses on US economic data
Oil settles lower as US business activity cools, concerns over Middle East ease