ExxonMobil and Chevron feel bite of lower gas prices but multi-billion profits still in the bag

Two U.S. oil and gas heavyweights, ExxonMobil and Chevron, have joined their European counterparts in posting quarterly results affected by a global plunge in gas prices. However, these two oil majors have tucked under their belts $8.2 billion and $5.5 billion, respectively, in the first quarter of 2024. Both players are working on boosting their hydrocarbon production while enriching and expanding their decarbonization arsenal with additional emission reduction tools.