_analysts-predict-chevron-and-exxonmobil-will-report-lower-q1-profits-despite-rising-oil-prices.jpg "Analysts Predict Chevron and ExxonMobil Will Report Lower Q1 Profits Despite Rising Oil Prices from mma results 241 Video Screenshot Preview"){kind=icon}
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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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