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Chevron, ExxonMobil Report Q2 Profits Down 50% As Oil Prices Rally

News Snapshot:

Energy giants Chevron (CVX) and ExxonMobil (XOM) reported Friday second-quarter sales falling around 30% with profits halved compared to a year ago on lower oil and natural gas prices in 2023. XOM and CVX were down early Friday. X Chevron earnings dropped nearly 50% to $3.08 per share. Revenue totaled $48.89 billion, down 29% vs. Q2 2022. Meanwhile, ExxonMobil profits fell 53% to $1.94 per share, sales decreased 28% to $82.91 billion. The dip in profits and sales follow a year in which XOM, CVX and other energy stocks lead the market, with the companies racking up record profits for…

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