{"id":42096,"date":"2023-07-29T20:33:55","date_gmt":"2023-07-30T00:33:55","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/exxon-mobil-chevrons-stocks-fall-as-energy-giants-face-leaner-times\/"},"modified":"2023-07-29T20:33:56","modified_gmt":"2023-07-30T00:33:56","slug":"exxon-mobil-chevrons-stocks-fall-as-energy-giants-face-leaner-times","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=42096","title":{"rendered":"Exxon Mobil, Chevron\u2019s stocks fall as energy giants face leaner times"},"content":{"rendered":"
\n

Exxon Mobil Corp.\u2019s and Chevron Corp.\u2019s stocks dropped on Friday after the two integrated energy companies reported second-quarter earnings that prompted investors to worry about leaner times ahead. <\/p>\n

Exxon shares
\n XOM,
\n -1.20%<\/bg-quote>
\n were leading losses among S&P 500 energy companies in midday trading, while Chevron
\n CVX,
\n -0.49%<\/bg-quote>
\n was the next lower.<\/p>\n

\n

Exxon\u2019s results \u201cshowed a sharp slowdown from the record breaking results from a year ago,\u201d said Peter McNally, an analyst with Third Bridge Group. Below-consensus per-share profits were mostly thanks to weaker volumes for Exxon\u2019s oil and gas production and weaker natural-gas prices in North America. <\/p>\n

\u201cThis was the weakest pricing realization in ExxonMobil\u2019s [U.S. natural gas] business in at least a decade, but the company is slowing production there sharply with a 13% year-on-year decline,\u201d McNally said. <\/p>\n

Exxon posted net income of $7.88 billion, or $1.94 a share, for the quarter, down from $17.850 billion, or $4.21 a share, in the year-earlier period. Revenue fell to $82.9 billion from $115.7 billion a year ago. <\/p>\n

The FactSet consensus called for EPS of $2.03 and revenue of $81.803 billion for the energy giant. <\/p>\n

The results were \u201cdisappointing on a relative basis,\u201d but also showed Exxon\u2019s \u201ccontinued execution and improved unit-level profitability versus prior cycles,\u201d Raymond James\u2019 analyst Justin Jenkins said. <\/p>\n

Related: <\/strong>Here\u2019s what might lead to a 10% spike in retail gasoline prices<\/p>\n

\u201cNotwithstanding a hiccup in 2Q, solid operational performance has driven top-tier financial performance, allowing the balance sheet to return to \u2018fortress\u2019 (or better) levels, while boosting returns of cash to shareholders and delivering investment results,\u201d he said. <\/p>\n

Chevron Corp. also earlier Friday reported full second-quarter results, after providing performance highlights on Sunday. Chevron\u2019s revenue dropped nearly 30% but topped forecasts.<\/p>\n

Chevron\u2019s results showed year-on-year declines from last year\u2019s record-breaking period but \u201cgenerally outpaced street expectations,\u201d Third Bridge\u2019s McNally said. <\/p>\n

The company expects production in its West Texas\u2019s Permian holdings to be broadly flat in the current quarter before ticking higher by the end of the year. <\/p>\n

Chevron\u2019s Permian comments were \u201clargely supportive,\u201d analysts at Piper Sandler said in their note Friday. <\/p>\n

Chevron\u2019s \u201cheadline beat\u201d reflected strong performance in both exploration and production and chemicals, as well as a \u201crelatively reduced\u201d exposure to weaker natural-gas prices, they said. <\/p>\n

Don\u2019t miss:<\/strong> Why scorching summer temperatures haven\u2019t yet led to a lasting rally for natural gas<\/p>\n

Tomi Kilgore in New York contributed to this report. <\/em><\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Exxon Mobil Corp.\u2019s and Chevron Corp.\u2019s stocks dropped on Friday after the two integrated energy companies reported second-quarter earnings that prompted investors to worry about leaner times ahead. Exxon shares XOM, -1.20% were leading losses among S&P 500 energy companies in midday trading, while Chevron CVX, -0.49% was the next lower. Exxon\u2019s results \u201cshowed a […]<\/p>\n","protected":false},"author":1,"featured_media":42097,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-42096","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nExxon Mobil, Chevron\u2019s stocks fall as energy giants face leaner times | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Exxon Mobil Corp.\u2019s and Chevron Corp.\u2019s stocks dropped on Friday after the two integrated energy companies reported second-quarter earnings that prompted\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=42096\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta 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