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✓ Published: 27-Apr-2024
👁 View: 1.6M times
✓ Published: 27-Apr-2024
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Chevron and ExxonMobil are expected to report lower first-quarter profits than last year despite higher oil prices. Falling natural gas prices and lower refining margins impacted the oil majors' results. Natural gas makes up about a third of Chevron's hydrocarbon production, and prices were down 20% year over year. Investors will watch for updates on Chevron's proposed Hess acquisition and ExxonMobil's dispute over the deal. Analysts expect oil prices to remain above $80 but profits to decline in coming quarters.
Chevron and ExxonMobil are expected to report lower first-quarter profits than last year despite higher oil prices. Falling natural gas prices and lower refining margins impacted the oil majors' results. Natural gas makes up about a third of Chevron's hydrocarbon production, and prices were down 20% year over year. Investors will watch for updates on Chevron's proposed Hess acquisition and ExxonMobil's dispute over the deal. Analysts expect oil prices to remain above $80 but profits to decline in coming quarters.
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