Chevron, ExxonMobil up earnings

Multinational

HOUSTON, May 1, 2017 – US majors Chevron and Exxon late on Friday announced their financial results for the first quarter of 2017, revealing year-on-year increases in earnings.

Chevron posted a USD 2.68-billion quarterly profit, overturning the USD 725-million loss it recorded over the first three months of 2016. ExxonMobil reported a 122% increase in earnings to USD 4 billion.

Chevron saw its hydrocarbons output grow from 2.67 million boepd to 2.68 million boepd. ExxonMobil, on its part, posted a 4% year-on-year decline in production to 4.2 million boepd.

“Our results reflect an increase in commodity prices and highlight our continued focus on controlling costs and operating efficiently,” Exxon Chairman and CEO Darren W. Woods said in a press release.

His sentiments were echoed by Chevron head John Watson, who said the company had “benefitted from increasing oil prices and ongoing efficiencies.”

According to the CEO, Chevron’s operating expenses were reduced by 14% from last year.

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