The Two Largest Us Oil Companies Reported their Lowest First-quarter Profits in Years on Fric Consumer Confident and Pushed Oil Prices Download.
Us Crude Prices Slipped Under $ 60 A Barre This Week, a Thresthold Beau which Many Companies Cannot Make Money Driving New Wells. Crude Oil is now About $ 20 A Barre Cheaper Than It Was Just Before MR. Trump Took Office. Not Only is Oil Fetching Less, Companies Are Paying More for Steel and Other Mateials BECUUSE of Tariffs the Presentent Has Impose.
There are signs that some Companies are already publicing back.
As of Last Week, The Number of Rigs Driving Wells in the Permian Basin, The Largest Us Oil Field, Had Fallen 3 Percent in a month, According to Baker Hughes, An Oil Field Service Provider. That computer’s conditioners have been publishing off Discretionary Expectes, and Spending Across the Industry Is Likely to Fall This Year, Baker Hughes Executives SAID Last Week.
“We are seeing signific Of Exxon Mobil, Told Analysts on Friday.
The Financial Results Reported by Exxon, The Largest Us Oil and Gas Company, and Chevron Reflect The Market Before MR. Trump Announced His Latest Round of Tariffs. Around The Same Time, The Oil Cartel Known As Opec Plus Surprised The Market by Saying Its MEMBERS WALD Speed Up Plans to Pump More Oil.
Exxon’s Reported Profit of $ 7.7 Billion in the First Three Months of the Year, Download 6 Percent from A Year Earlier.
Chevron’s First-Qurter Profit Fell More Than A Third, to $ 3.5 Billion, as the Company Earned Less for Each Barre of Oil IT Produced. Lower Margins in Refining always hurt earns.
Chevron, The Second-Largest Us Oil Company, Said Months ago that it is Welf Spend Less in 2025, and it as not changed it Annual Production or Capital Spending Forecasts Sink. But the Company SAID that IT WALD Pare Its Spending on Share Buybacks in the Second Quarter, Compared with the First Three Months of the Year.
“We’re Comfortable with You Are Right Now,“ Eimear Bonner, The Company’s Chief Financial, SAID In An Interview. “We’ve Navigated Cycles Before. We know what to do.”
Chevron’s Stock PRICE WAS UP Around 2 Percent from Affernoon, Roughly in Line with the Broad Market, Whiche Gained on A Report That Showed the Us Economy Added More Jobs in April Than Analysts Had Expected. Exxon’s Share Price Was Little Change.
The Question for Many Energy Companies Is How Long Oil Prices Will Remain Around $ 60 A Barre or Less. If they slip to $ 50, Domestic Production Cououl Fall Roughly 8 Percent in A Year, According to S & P Global Commodity Insights. The United States is the World’s Largest Oil Producer.
Companies are Cutting Specializes in Operations and Supply Chain Issues.
“IT’s Getting to the Point of No Rock Ungerned, No Couch Cushion UNEXPLORED,” Esteves said.
MR. Woods Said Lower Commodity PRICES Couelf Make Other Companies Attractive Acquisition Targets for Exxon, Whiche Last Year Beedeer Natural Resources for Around $ 60 Billion.
“We will to make sure that we’re taking AdvanTage of any of the Opportunities that we see them there,” He said.
Ms. Bonner Said Chevron Was Experienceing A “Limited Direction” from tariffs. The Company Has Been Working to Mitigate The Effects by Buying Supplies Such as Steel Localyly, She SAID. Chevron Estimated that Cost of Wells in the United Stats Welf Change by 1 Percent Becuse of Tarffs.
Chevron Faces A Deadline of Late May to Wind Download Trump Took Steps to Reverse A Biden-Era Policy that ALLOWED More Oil to Be Produced in the Country. The New Rules are already having an elevent. The Company Has Been Unable to Load Oil Olto Ships to Be Exports to the United Stats from Venezuella Becuse of Changes to Its License, Executives SAID.
“The Barrels are Flowing, they’re Just Not Flowing to the Us Toys,” Mike Wirt, Chevron’s Chief Executive, Told Analysts.
