Oil earnings slip: Exxon and Chevron Q2 profit hits 4-year low; revenue dips as crude prices stay weak despite output rise
Exxon Mobil and Chevron saw profits decline. This was their lowest in four years. Lower energy prices and increased OPEC+ oil supply impacted revenue. However, production volumes helped them beat expectations. Exxon's production was the highest since the Exxon-Mobil merger. Chevron is acquiring Hess Corporation. OPEC+ plans to increase output, potentially pressuring crude prices. Geopolitical events also add uncertainty.
Exxon Mobil and Chevron saw profits decline. This was their lowest in four years. Lower energy prices and increased OPEC+ oil supply impacted revenue. However, production volumes helped them beat expectations. Exxon's production was the highest since the Exxon-Mobil merger. Chevron is acquiring Hess Corporation. OPEC+ plans to increase output, potentially pressuring crude prices. Geopolitical events also add uncertainty.
