Wall Street analysts say Chevron merger talks a sideshow before Exxon loss

FILE PHOTO: The logo of Exxon Mobil Corporation is shown on a monitor above the floor of the New York Stock Exchange in New York, December 30, 2015./File Photo

Shares in both the companies were down in early trading in New York, despite a rising overall market and weekend gains in global crude prices. However, anti-trust concerns and the new U.S. administration’s stance on big mergers make it unlikely that a deal resurfaces, Kapadia said, adding that buying smaller, hard-hit oil companies gives Exxon and Chevron more value.

Exxon’s year-end results scheduled for Tuesday are expected to be marred by a charge of up to $20 billion on the value of its natural gas properties.

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