Sharp drop in Natural Gas prices hits oil sector's balance sheets | World Business Watch

Sharp drop in Natural Gas prices hits oil sector’s balance sheets | World Business Watch | WION

moving on us and European oil companies
have reported weaker first quarter
results due to a sharp drop in natural
gas prices compared with a year ago now
results at oil and gas firms are
retreating from record levels in 2022
that were boosted by a surge in demand
after the covid-19 pandemic and a spike
in prices after Russia invaded
Ukraine in the United States Exon Mobile
missed Wall Street earnings targets on
fuel derivatives Chevron be 10air
expectations with better than expected
oil production French oil major total
energies also slightly beat analysts
focused as refining margins partially
offset a drop in profits from natural
gas exxon’s profit fell 28% Chevron
decreased 16% and total energies was
down 22% year on year the two US oil
Majors also took a toll from weaker
profits from gasoline and fuels
share prices reflected The Profit drops
with Exon down 2.6% and share run
falling less than 1% in late New York
trading total energy shares closed up
2.9% in Paris after reconfirming a 2
billion share buy back last year Exxon
posted an $8.5 billion profit its second
highest for the first quarter in more
than a decade on the other hand Chevron
earned 5.5 billion and total Energies
delivered $5.1 billion in adjusted net
profits strong profits LED Exon and
shevron to bid for Rivals hoping to
generate higher oil and gas
production Executives too offered no new
guidance on their production outlooks
for coming quarters and conference calls
giving investors Less Reason to cheer in
part the two largest US oil companies
Outlook depends on pending approvals for
two bit deals Exxon aims to close its
purchase of pioner Natural Resources in
the current quarter while chevron’s
offer for Hess is expected to be put for
shareholder vote in late
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US and European oil companies have reported weaker first quarter results due to a sharp drop in natural gas prices compared with a year ago. Results at oil and gas firms are retreating from record levels in 2022 that were boosted by a surge in demand after the covid-19 pandemic and a spike in prices after Russia invaded Ukraine.

#oil #naturalgas #oilprices

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