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Oil earnings slip: Exxon and Chevron Q2 profit hits 4-year low; revenue dips as crude prices stay weak despite output rise
Exxon Mobil and Chevron saw profits decline. This was their lowest in four years. Lower energy prices and increased OPEC+ oil supply impacted revenue. However, production volumes helped them beat expectations. Exxon's production was the highest since the Exxon-Mobil merger. Chevron is acquiring Hess Corporation. OPEC+ plans to increase output, potentially pressuring crude prices. Geopolitical events also add uncertainty.
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