US EditionExxon, Chevron profits to drop to lowest point since pandemic, analysts say
UNITED STATES, AUG 4 – ExxonMobil's Q2 profits fell 23% amid an 11% drop in Brent crude prices while Chevron's earnings dropped 43%, despite record production and a $53 billion acquisition, analysts said.
- ExxonMobil is welcoming Chevron as a partner in Guyana after resolving a legal dispute, stated CEO Darren Woods.
- ExxonMobil and Chevron reported decreased profits due to lower crude prices, signaling the end of their legal fight over an acquisition.
- Chevron completed the acquisition of Hess' interest in an offshore field in Guyana on July 18, indicating a favorable arbitration outcome.
- The legal dispute allowed for better planning and expedited $1 billion in efficiency gains six months ahead of schedule.
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Forced frenemies, Exxon and Chevron take diverging paths as leaders of the booming Permian
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Exxon Chief Says Demand for Oil Remains ‘Very, Very Strong’
Darren Woods, the chief executive of Exxon Mobil, expressed confidence in the health of the economy, even as lower oil prices dragged the company’s profit in the second quarter to its lowest level in years. “There’s not any area of the business where we’re really seeing demand drop off, which usually is reflective of the underlying economic activity around the world,” Mr. Woods told reporters on Thursday, shortly before President Trump announced…
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Exxon, Chevron turn page on legal fight as profits slip
Lower crude prices dented profits at ExxonMobil and Chevron as the companies signaled Friday they are moving past a legal fight over an acquisition ultimately won by the latter firm.
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