From Yahoo Finance: 2025-05-02 06:56:00

Exxon Mobil’s first quarter profit drops to lowest level in years due to weaker crude prices and higher costs. The oil and gas giant earned $7.71 billion, or $1.76 per share, down from $8.22 billion, or $2.06 per share, a year ago. Chevron also reported low first-quarter profits with per-share adjusted profit at $2.18 on revenue of $47.61 billion. Both companies do not adjust results based on one-time events. U.S. benchmark crude fell below $60, impacting producers’ profitability. Oil prices have plummeted due to trade war fears and tariffs. The Commerce Department reports a 0.3% shrink in the U.S. economy from January through March.



Read more at Yahoo Finance: Profits at American oil giants Exxon Mobil and Chevron fall in tandem with waning energy demand