Chevron and Exxon Mobil, two US oil majors, exceeded analysts’ estimates for Q1 earnings on Friday, but saw a decline in revenue compared to the previous year. Chevron’s earnings increased by 6% to $3.55 per share, while sales dropped by 6% to $50.79 billion. Exxon Mobil’s earnings increased by 36% to $2.83 per share, while revenue fell by 4% to $86.56 billion. Chevron’s profit was boosted by higher margins on refined product sales, but this was offset by lower upstream realisations, while Exxon Mobil was hit by lower prices. Both companies have seen booming profits in 2022, so these results were weaker by comparison. Despite Chevron’s earnings beat, its stock fell 0.6% during premarket trading on Friday, while Exxon Mobil’s stock rose by 0.3%.
Chevron’s net oil-equivalent production fell by 3% compared to last year, due to lower international production. However, the company reaffirmed its plans to raise total oil and gas production by 3% above current levels by 2027. Meanwhile, Exxon Mobil said that it would return up to $35 billion to shareholders in 2023.