NorthAmOil: Profits down at Exxon, Chevron but still buoyant

Profits at ExxonMobil and Chevron, the two largest US oil and gas companies, fell in the third quarter ended September 30. Exxon reported profits of $9.1bn, while Chevron posted profits of $6.5bn.

This is down from record profits in 2022, when oil prices soared after the disruption to the global energy supply caused by the war in Ukraine. 

Even so, the two supermajors recently – and despite the diminished profits – have said they will sign mega-deals. In early October, Exxon said it would buy Pioneer Natural Resources for $60bn. A couple of weeks later Chevron announced that it would acquire Hess for $53bn.

The two companies expect the deals to close in the first half of 2024. Both deals have to be approved by regulators.

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