ExxonMobil and Chevron Report Lower Earnings
ExxonMobil and Chevron, the largest American energy companies, said on Friday that their earnings in the first quarter fell from a year earlier, pulled down by lower refining margins and plunging natural gas prices.But the oil and gas business remains highly profitable for the two giants even at a time of moderate oil prices.ExxonMobil said that earnings were $8.2 billion in the quarter, compared with $11.4 billion in the same period a year earlier. Chevron reported a decline to $5.5 billion, from $6.6 billion a year ago.Both companies attributed their declines to lower profitability from refining crude oil into products…
