US oil and gas companies are going in the right direction
US large caps turn corner
The financial strain is starting to ease as the shale patch sees the effects of rising oil prices
Optimism among the big US oil and gas operators is back after a strong first quarter showing that marked the industry’s best financial performance in over a year. And with WTI edging towards $70/bl, rebounding revenues are poised to make the second quarter even better. Among the large caps, ExxonMobil made a profit for the first time since Q4 2019—recording $2.73bn in net income during Q1 and a massive $22.8bn differential over the previous quarter. Chevron reported earnings of $1.38bn for the quarter, its best filing in a year but still $2.22bn down year on year, while ConocoPhillips posted $982mn, its highest quarterly performance since Q3 2019. “Compared to the first quarter of 202
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