Chevron Faces Earnings Decline Amid Hess Merger Uncertainty, ExxonMobil Surges on Record Production
Chevron grapples with lower refining margins and delayed Hess acquisition, while ExxonMobil benefits from Pioneer deal and Guyana output.
- Chevron's second-quarter earnings fell 19%, missing Wall Street estimates due to weak refining margins and operational issues.
- The $53 billion acquisition of Hess by Chevron faces delays, with arbitration over Exxon's right of first refusal extending into 2025.
- Chevron announced plans to relocate its headquarters from California to Texas, citing regulatory challenges in its home state.
- ExxonMobil reported a 17% increase in profits, driven by record production levels in the Permian Basin and Guyana.
- Exxon's recent $60 billion acquisition of Pioneer Natural Resources contributed significantly to its earnings boost.
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