{"id":117330,"date":"2025-08-01T23:32:10","date_gmt":"2025-08-01T19:32:10","guid":{"rendered":"https:\/\/noortrends.ae\/en\/?p=117330"},"modified":"2025-08-01T23:32:13","modified_gmt":"2025-08-01T19:32:13","slug":"oil-giants-exxonmobil-and-chevron-face-profit-plunge-as-crude-prices-tank","status":"publish","type":"post","link":"https:\/\/noortrends.ae\/en\/oil-giants-exxonmobil-and-chevron-face-profit-plunge-as-crude-prices-tank\/08\/01\/market-updates\/","title":{"rendered":"Oil Giants ExxonMobil and Chevron Face Profit Plunge as Crude Prices Tank"},"content":{"rendered":"Energy titans ExxonMobil and Chevron reported significant profit declines for the second quarter, driven by a sharp drop in crude oil prices. ExxonMobil\u2019s net income fell 23% year-over-year to $7.08 billion, while Chevron\u2019s profits plummeted 44% to $2.49 billion. The slump in oil prices, which dipped below $60 per barrel, took a heavy toll on both companies\u2019 bottom lines, highlighting the volatility of the energy sector.<br \/><br \/>Despite the profit downturn, both companies outperformed Wall Street\u2019s expectations on adjusted earnings per share, with ExxonMobil reporting $1.64 and Chevron at $1.77. ExxonMobil\u2019s revenue dropped 12% to $81.51 billion but exceeded forecasts, while Chevron\u2019s revenue, also down 12% to $44.82 billion, fell short of analyst projections. The mixed results reflect the broader challenges facing the oil industry amid fluctuating commodity prices.<br \/><br \/>Chevron\u2019s earnings were further strained by a $215 million loss tied to the fair market value of Hess shares, following its $53 billion acquisition of the rival company. The deal, finalized after a contentious battle with ExxonMobil, bolsters Chevron\u2019s portfolio, creating what the company calls \u201cone of the most advantaged and differentiated portfolios in the industry.\u201d However, the integration comes at a time when low oil prices continue to pressure profitability.<br \/><br \/>Market reactions were muted, with ExxonMobil shares slipping nearly 2% in recent trading but remaining up 2% year-to-date. Chevron\u2019s stock edged lower on Friday but has gained 4% in 2025. As global oil prices remain under pressure, both companies face an uncertain outlook, with investors closely monitoring how they navigate a challenging energy landscape.","protected":false},"excerpt":{"rendered":"<p>Energy titans ExxonMobil and Chevron reported significant profit declines for the second quarter, driven by a sharp drop in crude oil prices. ExxonMobil\u2019s net income fell 23% year-over-year to $7.08 billion, while Chevron\u2019s profits plummeted 44% to $2.49 billion. The slump in oil prices, which dipped below $60 per barrel, took a heavy toll on &hellip;<\/p>\n","protected":false},"author":13,"featured_media":42036,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,36],"tags":[],"class_list":["post-117330","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-market-updates"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/117330","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=117330"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/117330\/revisions"}],"predecessor-version":[{"id":117331,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/117330\/revisions\/117331"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/42036"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=117330"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=117330"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=117330"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}