Newsletters | Request Trial | Log in | Advertise | Digital Issue   |   Search
  • Upstream
  • Midstream & Downstream
  • Gas & LNG
  • Trading & Markets
  • Corporate & Finance
  • Geopolitics
  • Podcasts
Search
Related Articles
Chevron gets back to work in Venezuela
But Washington’s apparent detente with Caracas is unlikely to bolster global crude supplies significantly any time soon
QatarEnergy keeps control
First expansion supply deals illustrate commitment to maintaining its grip of LNG volumes along the value chain
Permian set for growth slowdown
A range of obstacles will hobble further output increases in the Lower 48’s most productive basin heading into 2023
ConocoPhillips nearing Willow FID
Alaska's upstream continues to gain momentum despite environmental concerns
Mozambique upstream progress defies unrest
The east African country continues to attract investment in oil and gas projects, but concerns over security are still impeding developments in the gas-rich north
International investors court Congo-Brazzaville
The West African country’s energy resources are once again attracting foreign attention, but the positive outlook for gas contrasts with that for oil
ExxonMobil takes a chance on India’s upstream
The major’s involvement is a win for New Delhi as it seeks to promote offshore exploration
Eni and TotalEnergies strike more gas in Cyprus
The European producers celebrate further success in Block 6 but the East Med export conundrum remains unsolved
Is floating LNG coming of age in Africa?
Offshore liquefaction projects seem well-suited for the continent’s upstream
US politicians up windfall tax rhetoric ante
Surging downstream profits add fuel to the fire, but the spectre of demand destruction lurks
ExxonMobil Chevron ConocoPhillips
Charles Waine
11 February 2020
Follow @PetroleumEcon
Forward article link
Share PDF with colleagues

US heavyweights feel the squeeze

Financial results suffer as erratic global politics and abundant supply sends energy prices tumbling

The full-year financial results of US oil and gas firms ExxonMobil, Chevron and ConocoPhillips confirmed what investors had previously feared—profits sent plunging by volatile energy prices and shrinking margins across the value chain. ExxonMobil was arguably the worst afflicted. Total earnings in 2019 tumbled by $6.5bn over the previous full-year result to $14.34bn. The downstream and chemical divisions of the business felt the biggest squeeze, as narrowing North American differentials, reduced chemicals margins and scheduled maintenance lowered earnings by $5.4bn. ExxonMobil did post a slight lift in upstream profit. But while net earnings by lifted $0.36bn over 2018, in reality the $3.7

Also in this section
Oil and gas price divide raises threat levels, part 2
23 May 2025
LNG projects need the certainty of long-term contracts, but Henry-Hub–linked deals put buyers at significant risk
LNG importers decry EU methane rules
22 May 2025
Industry says compliance is near-impossible and have called for more clarity to prevent cargoes being redirected
Oil and gas price divide raises threat levels, part 1
22 May 2025
The next energy crisis could come from the severing of the link between oil and gas prices, with potentially severe economic consequences
Saudi Arabia and Kuwait home in on disputed Dorra field
22 May 2025
With contract awards looming on the Kuwait-Saudi backed Dorra field, the long-stalled gas project appears finally to be gaining traction—despite Iranian objections

Share PDF with colleagues

Rich Text Editor, message-text
Editor toolbarsBasic Styles Bold ItalicParagraph Insert/Remove Numbered List Insert/Remove Bulleted List Decrease Indent Increase IndentLinks Link Unlinkabout About CKEditor
COPYRIGHT NOTICE: PDF sharing is permitted internally for Petroleum Economist Gold Members only. Usage of this PDF is restricted by <%= If(IsLoggedIn, User.CompanyName, "")%>’s agreement with Petroleum Economist – exceeding the terms of your licence by forwarding outside of the company or placing on any external network is considered a breach of copyright. Such instances are punishable by fines of up to US$1,500 per infringement
Send

Forward article Link

Rich Text Editor, txt-link-message
Editor toolbarsBasic Styles Bold ItalicParagraph Insert/Remove Numbered List Insert/Remove Bulleted List Decrease Indent Increase IndentLinks Link Unlinkabout About CKEditor
Send
Sign Up For Our Newsletter
Project Data
Maps
Podcasts
Social Links
Featured Video
Home
  • About us
  • Subscribe
  • Reaching your audience
  • PE Store
  • Terms and conditions
  • Contact us
  • Privacy statement
  • Cookies
  • Sitemap
All material subject to strictly enforced copyright laws © 2025 The Petroleum Economist Ltd
Cookie Settings
;

Search

  • Upstream
  • Midstream & Downstream
  • Gas & LNG
  • Trading & Markets
  • Corporate & Finance
  • Geopolitics
  • Podcasts
Search