Exxon, Chevron profits hit by low oil prices

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.