Exxon, Chevron Profits Are Robust Even as Oil Prices Drop
Exxon Mobil Corp. and Chevron Corp. collectively posted $18 billion in first-quarter profits, showing resilience even as oil and natural-gas prices declined.
The Western world’s largest oil companies rocketed to record earnings last year as energy prices soared following Russia’s invasion of Ukraine. This year, investors fear an economic slowdown could suppress energy prices, while rising supply-chain costs have steadied at high levels. This suggests Exxon and Chevron’s cash gusher peaked last year, investors said.
Exxon Mobil Corp. and Chevron Corp. collectively posted $18 billion in first-quarter profits, showing resilience even as oil and natural-gas prices declined.
The Western world’s largest oil companies rocketed to record earnings last year as energy prices soared following Russia’s invasion of Ukraine. This year, investors fear an economic slowdown could suppress energy prices, while rising supply-chain costs have steadied at high levels. This suggests Exxon and Chevron’s cash gusher peaked last year, investors said.
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