US EditionProfits for American oil giants like Exxon Mobil and Chevron fade in tandem with oil demand
- American oil giants Exxon Mobil and Chevron reported declining first-quarter profits on May 2, 2025, amid falling oil prices in the United States and globally.
- The profits fell due to a nearly 30% drop in U.S. Crude prices since last year, driven by slowing economic growth and trade war fears sparked by tariff announcements in early April 2025.
- Meanwhile, OPEC+ postponed planned production increases set for January 1 to April 1, 2025, as some members resisted cutting output despite being aware of oversupply pressures and economic concerns.
- Exxon Mobil’s first-quarter profit dropped to $7.7 billion, its lowest in years, but it beat earnings per share estimates with $1.76 versus $1.73 expected, while Chevron posted its lowest Q1 profits in years and will cut share repurchases in Q2.
- The results suggest continued market uncertainty and pressure on margins for U.S. Oil producers, though Exxon’s CEO Darren Woods stated shareholders can be confident because the company transformed to withstand volatile environments.
31 Articles
31 Articles
Exxon profit drops on low oil prices, costs
KEY TAKEAWAYS: Exxon Mobil’s Q1 profit dropped to $7.7B, lowest in years. U.S. crude prices fell below $60 per barrel, hurting margins. Tariffs and rising costs added pressure on oil companies. Exxon, Chevron, BP and Shell all reported declining earnings. Exxon Mobil’s first quarter profit slumped to the lowest level in years, stung by weaker crude prices and higher costs. The oil and gas giant earned $7.71 billion, or $1.76 per share,…
Profits at American oil giants Exxon Mobil and Chevron fall in tandem with waning energy demand
Exxon Mobil’s profit declined in the first quarter, stung partly by weaker crude prices and higher costs. Its earnings performance still managed to beat Wall Street’s expectations, but revenue missed estimates. The oil and gas company earned $7.71 billion, or…
Profits for American oil giants like Exxon Mobil and Chevron fade in tandem with oil demand
Exxon Mobil’s profit declined in the first quarter, stung partly by weaker crude prices and higher costs. Its earnings performance still managed to beat Wall Street’s expectations, but revenue missed estimates. The oil and gas company earned $7.71 billion, or…
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