Those are each firm’s weakest earnings in over a year with profits down roughly 50% from 2022’s second quarter.
Tumbling energy prices largely spurred the slide in profits, as international benchmark Brent crude is down roughly 30% from over $120 per barrel to $84 per barrel since last June. Despite the seismic shift in earnings, quarterly profit and revenue at the rival firms were mostly in line with analyst expectations.
Shares of Exxon slipped 2% and Chevron’s stock lost 1% in early Friday trading while major indexes gained.Though the S&P 500 has rallied nearly 20% in 2023, Chevron and Exxon are among the roughly 30% of S&P companies whose stocks are in the red this year, down 8% and 1%, respectively..
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