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Exxon Mobil and Chevron Report Lower Earnings

Both companies attributed their declines to lower profitability from refining crude oil into products like gasoline and diesel. Their earnings were also hurt by falling prices for natural gas, a key fuel that is used in heating and industry. Natural gas prices, which soared after Russia’s invasion of Ukraine in 2022, have fallen sharply as markets adjusted.

Chevron’s adjusted earnings of $2.93 per share were slightly above expectations, while Exxon Mobil’s, at $2.06 per share, were below, said Biraj Borkhataria, an analyst at RBC Capital Markets, an investment bank.

The two companies are locked in a rivalry over the oil riches of Guyana. Exxon Mobil led the development of the Latin American country into the most important new oil producer in recent years. But Chevron is trying to move into Guyana through a proposed $53 billion acquisition of Hess, a midsize company based in New York with a large stake in Guyanese oil fields.

Exxon Mobil is balking at the entry of a rival into such lucrative turf and is exploring the possibility of using a legal right to acquire the Hess stake in key oil fields off the coast of the country. It has filed for arbitration over the situation.

“We have created tremendous value” in Guyana, Darren W. Woods, Exxon Mobil’s chairman and chief executive, said in a statement. “We believe it is critical to defend these rights and fully preserve the value we‘ve created.”


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