ExxonMobil and Chevron enjoy revenue boom
Quarterly results showcase upwards trajectory for oil producers despite the focus on capital discipline
The US majors enjoyed another strong financial quarter as commodity prices held firm and economic activity continued to rebound. In Q2, ExxonMobil posted earnings of $4.7bn—$5.8bn above last year’s Q2 loss—while Chevron’s recovery was even greater. The operator managed $3.1bn in earnings, a massive $11.4bn lift above the lows of the same quarter last year. The chemicals sector was one of the major driving forces for improved ExxonMobil numbers. The company achieved a record quarterly performance, $2.3bn in earnings, with margins boosted by tight supply in North America and Europe. Atlantic basin polyethylene and polypropylene margins were particularly affected, while North American ethane fe
Also in this section
10 December 2024
Sector at economic and strategic crossroads, but clear path ahead for midstream additions
30 November 2024
Decades of turmoil have left Iraq’s vast energy potential underutilised, but renewed investment and strategic reforms are transforming it into a key player in the region
29 November 2024
The country's fifth and sixth oil and gas bid rounds have attracted a range of new players with gas as well as oil ambitions—and there’s a seismic shift in the contracting process
28 November 2024
Iraq is charting a new path for its indigenous resources and its youth, hoping to electrify the future with a mix of reforms and modernisation to fuel growth
