Exxon, Chevron Profits Fall on Low Gas Prices, Weak Margins
Exxon Mobil's profit slid more than 5% in the fourth quarter of 2019, as the oil giant dealt with low natural gas prices and weak margins in its chemical and downstream fuels operations.
The country's largest oil producer posted $5.69 billion in profits, or $1.33 per share, for the quarter, which was lower than some analysts expected.
Chevron also had a tough quarter, posting a loss of $6.6 billion, or $3.51 per share.
The San Ramon, California-based company reported $10.4 billion in impairments and write-offs, mostly related to its natural gas operations.