Exxon, Chevron Q3 earnings tottered on lower oil & gas prices

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Exxon, Chevron Q3 earnings tottered on lower oil & gas prices

On Friday, the 1st of November 2019, San Ramon, CA-based American multinational energy corporation, Chevron Corp. alongside Irving, Texas-based US oil giant, Exxon Mobil Corp. had reported their quarterly earnings’ report for the third quarter of the year, both of which had fallen short of analysts’ estimates by a wider margin despite an increase in natgas and oil production as a lower crude oil price and a multi-month low price of natgas had been weighing on to third quarterly earnings’ of most of the US-based oil majors.

Aside from that, according to the earnings’ reports of two of the largest American multinational energy titans released on Friday (November 1st), Exxon’s operating profit was nearly halved on Q3, 2019 to $3.17 billion or 75 cents per share from a year earlier, while Chevron’s operating profit was plunged by 36 per cent to $2.58 billion or $1.36 a share.

Meanwhile, referring to a growing operational expense witnessed by both of the US energy giants apart from a multi-year low natgas and oil price, a director at London-based Palissy Advisors, Anish Kapoor said on Friday (November 1st), “If you take away the initial contingencies that they have baked in, it’s almost a 50% cost increase to the project.

” Nonetheless, followed by the reveal of a widely anticipated plunge on both Chevron’s and Exxon’s operating profit, shares of Chevrons were flatlined at $116.14 per share and Exxon shares were 2.5 per cent higher to $69.24 on Friday’s (November 1st) extended trading.