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ExxonMobil (XOM) shares climbed as the company reported its second quarter net income increased 17% year-over-year. Chevron (CVX) shares dropped as the company missed on profit for the second quarter. The company also announced that three of its senior VPs will be retiring and its headquarters will relocate to Houston, Texas from San Ramon, California.
Yahoo Finance's Ines Ferré breaks down the results from these oil giants.
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This post was written by Mariela Rosales.
We're watching two energy giants today. First up, Exxon Mobile posting a seven 17% rise in net income from a year ago after seeing record production in Guyana and Permian Basin. You're looking at gains just shy of 1%. On the flip side though, Chevron, on the other hand, missing second quarter profit expectations. You're looking at losses there shortly after the open of just about two and a half percent. Nesvre Trinny is now with a breakdown of the two. Hi Nes.
Hi Shauna. Yeah, and as you just mentioned, the key takeaway really is that Chevron missed on earnings expectations on lower refining margins, while Exxon Mobile beat expectations. Both of these companies performance really driven by their oil and gas production. So let's take a case by case. In the case of Exxon Mobile, the Pioneer merger, which closed relatively quickly, contributed to about half a billion dollars to earnings in the first two months post-closing with record production. So, Pioneer, by the way, is expected to add even more to Exxon's production next quarter. And one interesting note, Exxon Mobile sees 2050 oil demand in two or 2050 up by 15% from today. As for Chevron, the company announced three Chevron senior VPs retiring. Chevron also moving its headquarters from San Ramon, California to Houston, Texas. So, another company that goes to Texas. And as for the stake in Guyana and that asset that is in dispute and holding up that Hess merger, both of the oil giants, Exxon Mobile and Chevron are confident that each one will win. Darren Woods of Exxon Mobile, uh, Exxon Mobile CEO saying that the arbitration over Guyana will be resolved in September 2025. So, that is quite a bit away for a Chevron to wait for that.