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Exxon Mobil and Chevron beat first-quarter estimates for earnings but lag the same for revenues.
Rising demand for renewable energy is adding uncertainty to the prospects of the Zacks Oil and Gas Integrated International industry's outlook. XOM, CVX and BP will probably overcome market challenges.
Exxon Mobil Corp (NYSE:XOM, ETR:XONA) and Chevron Corporation (NYSE:CVX, ETR:CHV) traded lower ahead of Monday's opening bell, tracking a sharp decline in oil prices after OPEC+ agreed to a significant supply boost. Brent crude fell as much as 4.6% before trimming losses, amid concerns the alliance's output increase could flood a weakening market already rattled by US–China trade tensions.
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Chevron chairman and CEO Mike Wirth joins 'Sunday Morning Futures' to discuss economic concerns, the implications for if the company halts oil drilling in Venezuela and President Trump's sanction threat for Iran's oil recipients. #foxbusiness
Chevron CEO Mike Wirth argued against the move over concerns about energy security and growing Chinese influence in the Western Hemisphere.
Chevron CEO Mike Wirth issued a stark warning on the energy and national security concerns stemming from the company's possible departure from Venezuela.
Shares of large-cap oil and gas majors Chevron (CVX 1.61%), APA Corporation (APA 1.57%), and oilfield service provider Halliburton (HAL 3.29%) fell hard in April, down 18.7%, 26.1%, and 21.9%, respectively, according to data from S&P Global Market Intelligence.
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Oil price volatility will always affect Chevron 's (CVX 1.61%) financial results. That was evident in the first quarter as its earnings fell compared to the year-ago period.