Exxon Mobil and Chevron Report Sluggish Earnings in Q3, Stock Drops Seen Amid Low Oil Prices

ExxonMobil and Chevron record Q3 earnings drops of 54% and 42% respectively compared to 2022’s all-time highs; both firms hope recent multi-billion dollar acquisitions will boost future domestic output and profits.

Exxon and Chevron see Q3 earnings fall by 54% and 42% respectively from the previous year due to lower oil and natural gas prices.
Despite the downtrend, both companies witnessed a quarter-over-quarter increase in profits, with Exxon recording nearly a twofold increase compared to Chevron.
Exxon and Chevron have pursued major acquisitions recently, with Exxon acquiring Pioneer Natural Resources for $60B and Chevron buying Hess Corp for $53B. These deals aim to boost U.S. production and earnings.
Shares of Exxon and Chevron fell after their earnings announcements, with Exxon's shares falling as much as 2.28% and Chevron's dropping more than 6%.
Chevron also reported a $912M loss in cash management, debt financing and other operations, which affected its Q3 results.