Both US oil majors reported increased production, but cited lower refining and chemicals margins and lower oil and gas prices
Houston — On Friday, ExxonMobil and Chevron reported lower profits due largely to weakness in their refining operations and lower crude oil and natural gas prices.
Wall Street is focused on Chevron and smaller rival Occidental Petroleum’s battle to take over Anadarko Petroleum. Occidental made a $38bn offer this week that topped Chevron’s $33bn bid. “We would not be surprised to see Chevron raise its offer,” analysts at Edward Jones wrote in a research note on Friday, saying the company’s bid will “ultimately be the successful one”.
Exxon’s growing output in the Permian Basin was a bright spot, rising to 226,000 barrels of oil equivalent per day in the first quarter. Exxon said it remains on track to produce 1-million boepd by 2024, and will use half of its existing inventory by then.
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