Earnings for Big Oil backpaddle as natgas prices tumble

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.

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Earnings for Big Oil backpaddle as natgas prices tumbleU.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. In the ...
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Tesla sinks on price cuts, Big Tech earnings on deck: Yahoo FinanceTesla (TSLA) shares are falling this morning after the electric carmaker slashed prices in several markets, including China and Germany. The move follows...
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

SLB posts Q1 earnings beat, sees softening oil demand in USShares of Schlumberger Limited (SLB) are dipping slightly on Friday as the oil drilling operator posted its first-quarter earnings, beating Wall Street...
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Israel strikes Iran, oil prices, Netflix earnings: 3 ThingsStock futures edge lower (^DJI, ^IXIC, ^GSPC) ahead of Friday's market open after Israel retaliated against Iran by launching its own series of airstrikes...
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Morning Bid: Recoiling oil and dollar sow calm as tech earnings loomExplore stories from Atlantic Canada.
Source: SaltWire Network - 🏆 45. / 63 Read more »