Oil Giants Exxon and Chevron Report Disappointing Q3 Profits Amidst Acquisition Focus
Exxon Mobil Corp. and Chevron Corp. reported disappointing profits due to weak performances in their oil-refining and chemical businesses. Exxon fell just short of third-quarter expectations, while Chevron missed by a larger margin. Both companies attributed their underperformance to factors such as an oversupply of chemicals and losses from overseas refining. Despite the earnings miss, Exxon increased its quarterly investor payouts and reported strong free cash flow. Chevron's overseas refining division delivered lower-than-expected net income, and its Permian Basin crude-production business lagged. Both companies are pursuing major deals to expand their oil-production capabilities.