Reported 2 days ago
ExxonMobil and Chevron experienced significant drops in their second-quarter profits due to falling oil prices, with ExxonMobil's net income decreasing by 23% to $7.08 billion and Chevron's by 44% to $2.49 billion. Both companies exceeded adjusted earnings per share expectations, but Chevron's revenue missed forecasts, primarily affected by a loss from Hess shares following a recent acquisition. Overall, lower crude prices, which fell below $60 a barrel, have significantly impacted these energy giants' profits.
Source: YAHOO