Published on May 02, 2016 Greenbarge Reporters
ExxonMobil and Chevron reported sharp deteriorations in first-quarter earnings, hit by lower oil and gas prices and a squeeze on refining margins.
But their results reflected differing degrees of strain.
ExxonMobil reported a 63% slide in first quarter profits following low crude oil prices and weak refining margins.
It reported a profit of $1.8bn (£1.24billion), a sharp decline from $4.94billion for the same period last year and its lowest quarterly profit since 1999.
Revenue dropped 28% to $48.7bilion, but it had strong results from its petrochemicals division.
Rival Chevron fared even worse, with a quarterly net loss of $725million. That compared with a net profit of $2.57billion for the same period in 2015 and was worse than analysts had expected.
John Watson, Chevron chief executive, said: “We are controlling our spend and getting key projects under construction online, which will boost revenue.”
Shares in ExxonMobil rose 1.4% in New York while Chevron fell 0.6%.
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