US heavyweights feel the squeeze
Financial results suffer as erratic global politics and abundant supply sends energy prices tumbling
The full-year financial results of US oil and gas firms ExxonMobil, Chevron and ConocoPhillips confirmed what investors had previously feared—profits sent plunging by volatile energy prices and shrinking margins across the value chain. ExxonMobil was arguably the worst afflicted. Total earnings in 2019 tumbled by $6.5bn over the previous full-year result to $14.34bn. The downstream and chemical divisions of the business felt the biggest squeeze, as narrowing North American differentials, reduced chemicals margins and scheduled maintenance lowered earnings by $5.4bn. ExxonMobil did post a slight lift in upstream profit. But while net earnings by lifted $0.36bn over 2018, in reality the $3.7
Also in this section
28 April 2026
The key energy player faces balancing regional routes, political complexities, and creating a clear strategic vision for energy security
24 April 2026
The European Commission’s response to the Middle East crisis is to double down on its transition strategy, with plans for a new target on electrification
24 April 2026
A major new discovery by Eni and BP that can likely be fast-tracked to production is welcome news for Egypt as it scrambles to plug a widening supply gap and deal with rising import risks
24 April 2026
Countries in the region are turning to the cleaner-burning fuel for power generation, driving demand for imports
