Chevron and Exxon’s profits decreased to the low price of oil

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Chevron and Exxon recorded a decrease in a quarterly profits on Friday against the backdrop of low oil prices and a weak refining margin, as the oil industry brackets have been difficult since the epidemic.

Chevron said that net income fell by more than a third to $ 3.5 billion in the first quarter, a decrease of $ 5.5 billion in the previous year, and a little less than the estimates of analysts. Revenue fell to $ 47.6 billion, a decrease from 48.7 billion dollars in the previous year, as its global production remained fixed.

Meanwhile, Exxon, the largest western oil producer, said that he made a profit of $ 7.7 billion in the three months until the end of March, a decrease of $ 8.2 billion in the previous year. The profits were $ 1.76 per share, before analysts’ expectations.

The oil industry, which enjoyed standard profits when prices rose after Russia’s invasion of Ukraine in 2022, faces twice the demand for its products US President Donald Trump’s commercial war It slows down the global economy.

The uninterrupted macroeconomic environment caused analysts questioning what Chevron Other oil specialties can continue to meet the obligations by paying a large percentage of their profits in the shareholders ’revenues.

Chevron said she expects to buy $ 2.5 billion to $ 3 billion from her shares in the second quarter, compared to $ 3.9 billion in the first quarter. She said that the annual re-purchases instructions of $ 10-20 billion have been unchanged.

This is a developing story