Chevron and Exxon Mobil beat estimates
Chevron and Exxon Mobil, both all-sessions, higher after both oil giants’ earnings beat estimates in the latest quarter.
Chevron’s annual profits, though, fell nearly 40%. Exxon’s numbers got a boost from higher fuels trading, and higher oil and gas output.
(AI Video Summary)
Chevron reports lower 2023 earnings
Chevron, the second largest U.S. oil producer, recently reported lower earnings of $21.3 billion for 2023. This decline was mainly due to decreased oil production and refining earnings, as well as charges and issues with foreign currency. Chevron also faced setbacks with expansion programs, higher production costs, and lower oil prices, all of which had a negative impact on its performance. Looking at the stock charts, we can see that Chevron's share prices experienced significant movement and a reversal. However, there are signs that suggest the company's stock may open lower in the upcoming cash session.
Exxon Mobil reports better than expected earnings
On the other hand, Exxon Mobil, another notable oil company, reported better than expected earnings of $2.48 per share in the fourth quarter. These results were driven by higher trading profits in fuels and increased oil and gas production in the U.S. and Guyana. Exxon Mobil is also in the process of finalising its takeover of Pioneer Natural Resources. When we examine the hourly chart of Exxon Mobil's stock, we see that it has increased by 2.4% so far this year. It will be important to keep an eye out for any additional information about the company's future output and plans moving forward. You can find more details about Exxon Mobil on their website.
A simpler breakdown
In simpler terms, Chevron, one of the largest oil companies in the U.S., had lower earnings last year. This happened because they produced less oil, made less money from refining fuel, and had some financial issues. They also faced problems with their expansion plans and had to spend more money to produce oil. Because of all these challenges, their performance was not as good as expected.
On the other hand, Exxon Mobil, another big oil company, did better than expected. They made more money by trading fuel and they produced more oil and gas. They are also going to take over another company called Pioneer Natural Resources. Exxon Mobil's stock has been doing well this year.
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