Industry News


Natural gas earnings are down in the first quarter of 2024.

Earnings for Big Oil Backpedal as Natural Gas Prices Tumble

U.S. and European oil companies reported natural gas was weaker first-quarter results due to a significant price drop.

This decline follows record profits in 2022 driven by post-pandemic demand and price spikes after Russia invades Ukraine. In the U.S., Exxon Mobil missed earnings targets, while Chevron exceeded expectations with strong U.S. oil production.

French oil giant TotalEnergies slightly beat forecasts, with good refining margins partially compensating for lower natural gas profits.

Overall, Exxon’s profit fell 28%, Chevron’s decreased 16%, and TotalEnergies’ dropped 22%, all impacted by weaker gasoline and fuel profit

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