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Shell, ExxonMobil and Chevron Report Profit Declines, Beat Q2 Estimates

Disciplined cost cuts propelled shareholder returns in the face of sliding oil prices.

Rolls-Royce profits and revenue jumped
An aerial view shows flue gas and steam rising from a distillation tower at Exxon Mobil’s Beaumont oil refinery, which produces and packages Mobil 1 synthetic motor oil, in Beaumont, Texas, U.S., March 18, 2023. REUTERS/Bing Guan/File Photo

Overview

  • Shell’s second-quarter adjusted earnings fell 32% year-on-year to $4.26 billion but topped the $3.87 billion analyst consensus.
  • ExxonMobil delivered $7.1 billion in Q2 profits, down 23% from a year earlier, powered by record upstream output in the Permian Basin and Guyana.
  • Chevron reported $3.1 billion in adjusted Q2 earnings, outpacing forecasts through record production and completing its $55 billion Hess acquisition.
  • All three supermajors upheld hefty shareholder distributions with buybacks (Shell $3.5 billion, Exxon $5 billion, Chevron $2.6 billion) and steady dividend payouts.
  • Persistent pressure from lower oil and gas prices, increased OPEC+ supply, U.S. tariff shifts and geopolitical tensions reinforced the focus on cost discipline and portfolio realignment.