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Earnings for Big Oil backpaddle as natgas prices tumble

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Chassidy’s ultimate challenge | SaltWire #ultimatechallenge #canada #realitytvHOUSTON - 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.

Exxon's profit fell 28%, Chevron decreased 16% and TotalEnergies was down 22% year-on-year, with the two U.S. oil majors also taking a toll from weaker profits from gasoline and fuels. Henry Hub futures, the benchmark for U.S. gas, has been trading below $1.70 per million British thermal unit , and earlier this year dropped to a 3-1/2-year low on warm weather and oversupply.

Last year's strong profits led Exxon, Chevron, Occidental Petroleum to bid for rivals hoping to generate higher oil and gas production.

 

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