Earnings for Big Oil backpaddle as natgas prices tumble

HOUSTON - U.S. and European oil companies reported weaker first quarter results on Friday due to a sharp drop in natural gas prices compared with a year ago.

Profits at oil and gas firms are still retreating from record levels in 2022 that were boosted by a surge in demand after the COVID-19 pandemic and then when prices spiked after Russia invaded Ukraine. Last year's strong profits led Exxon, Chevron, Occidental Petroleum to bid for rivals hoping to generate higher oil and gas production.

Executives offered no new guidance on their production outlooks for coming quarters on conference calls, giving investor less reason to cheer.In part, the two largest U.S. oil companies' outlook depends on pending approvals for two bid deals.

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