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Exxon and Chevron post lower-than-expected profits

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Both Chevron and ExxonMobil have posted profits for the third quarter that were below market expectations, amid a backdrop of higher prices.

Wall Street had expected Chevron to declare earnings of $3.70, but it instead missed this by some way at $3.48, causing its shares to lose 2% of their value. Exxon, meanwhile, posted earnings of $2.25 per share versus expectations of $2.37. Nevertheless, both Exxon and Chevron made healthy profits of $9.1 billion and $6.5 billion, respectively. While these are substantially down on the same quarter last year, it should be noted that oil and gas prices were at exceptionally high levels then.

Chevron’s CEO and Chairman, Mike Wirth, said in a statement:

“We delivered another quarter of solid financial results and strong cash returns to shareholders. The acquisition of PDC Energy strengthened our position in important US production basins. We also acquired a majority stake in ACES Delta, LLC, the United States’ largest green hydrogen production and storage hub.”

ExxonMobil increased its fourth-quarter dividend by 4 cents to $0.95 per share, continuing its 41-year record of always raising its annual dividend. Strong operational cash flow of $16.0 billion has also helped push the supermajor’s share price up by 4%.

While Chevron and ExxonMobil are two of the world’s biggest commercial crude oil producers, they also make industrial products like the Texaco Meropa gear oils and the Mobil DTE hydraulic oils. Speak with our expert team to learn more about their full range of offerings.

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