Exxon and Chevron Report Divergent Q1 Results Amid Global Oil Dynamics

Exxon sees a significant profit drop due to weak refining margins and low natural gas prices, while Chevron capitalizes on strong oil production and stable crude prices.

Exxon's Q1 profits fell by 28% year-on-year, missing Wall Street estimates due to weaker refining margins and a drop in natural gas prices.
Chevron exceeded analyst expectations with robust oil production, benefiting from crude prices above $80 per barrel.
Exxon's chemical sector outperformed, with earnings more than doubling from the previous year.
Exxon is nearing the completion of a $60 billion acquisition of Pioneer Natural Resources, aiming to become the largest U.S. shale oil producer.
Both Exxon and Chevron are involved in a legal dispute over Hess’s assets in Guyana, which could impact future operations in the region.