Exxon, Chevron Hit by Low Crude Prices

EghtesadOnline: Low crude prices and weak refining margins weighed on third-quarter profits at US oil giants ExxonMobil and Chevron in reports Friday, but earnings rose compared with the prior two quarters.

News ID: ۷۷۰۷۵۲

29 October 2016

The results were the latest sign of pain for the industry in the wake of a two-year slump in oil prices, with ExxonMobil notching a 37.5% decline in profits to $2.7 billion and Chevron disclosing a 36.8% fall to $1.3 billion, AFP reported.

At the same time, the third-quarter marked progress over the first half of 2016, especially at Chevron, which had reported losses in the two previous reporting periods.

Revenues at Exxon fell 12.9% to $58.7 billion and 12.2% at Chevron to $30.1 billion. At Chevron, both upstream and downstream businesses showed steep declines. Chevron does not have a separate chemicals business. Petroleum company profits have been under pressure since crude oil prices began retreating in 2014.