HOUSTON - Exxon Mobil Corp and Chevron Corp on Friday posted sharply lower quarterly results despite increases in oil and gas production as lower energy prices soured earnings for most oil majors.
Results mirrored weaker quarterly earnings at BP Plc and Royal Dutch Shell Plc, which indicated they might delay dividend increases or a buyback program if current low prices continue. Exxon’s profit was nearly halved to $3.17 billion, or 75 cents per share, beating analysts’ recently reduced estimate of 67 cents a share, according to Refinitiv IBES. The results included a favorable tax impact of 7 cents a share. Operating profits in each of Exxon’s major businesses fell compared with the same period a year ago.Chevron’s earnings fell 36% to $2.58 billion, or $1.36 per share, in the quarter. Excluding items, the company said it earned $1.55 per share, exceeding the $1.
Chevron’s Permian Basin production rose 35% from the same period a year ago to 455,000 barrels of oil and gas daily, while Exxon’s daily output reached 293,0000 barrels, up more than 70% in a year.
Oh boo hoo. They'll live.
Good
How will they cope? ;(
Climate criminals.
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