The profits of Chevron and Exxon go down in the fall of the oil price

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Chevron and Exxon registered a fall of the quarterly benefits on Friday at the back of the fall in oil prices and the weak margins of refining, as the oil industry is based on its harshest year from the pandemic.

Chevron said that net income fell just over a third to $ 3.5 million in the first quarter, dropping down from $ 5.5 million a year before and slightly below the analysts’ consensus estimates. Income fell to $ 47.6 million, dropping $ 48.7 million a year earlier, as its global production remained flat.

In the meantime, Exxon, the largest western oil producer, said he had a profit of $ 7.7 million in three months until the end of March, out of $ 8.2 million a year earlier. Income was $ 1.76 per action, ahead of analysts.

The oil industry, which enjoyed record benefits when prices fired after the large -scale invasion of Russia in Ukraine in 2022, faces the weakening of demand for its products as a The United States President’s trade war Donald Trump It causes the global economy to slow down.

Uncertain macroeconomic environment has made analysts ask if Chevron And other oil majority may continue to fulfill the commitments to pay a large percentage of their profits in the returns of shareholders.

Chevron said he hopes to shop again from $ 2.5 million to $ 3 million from his shares in the second quarter compared to $ 3.9 million in the first quarter. He said his orientation for annual rewards of $ 10 to $ 20 million remained unchanged.

This is a development story