New York City, New York – Exxon Mobil, the nation’s largest oil company, reported a decrease in net income for the first quarter of 2024. The company’s earnings per share were $2.06, a 28% decrease from the previous year. Despite the increase in oil and gasoline prices this year, Exxon faced challenges in its fuel business due to lower refining margins and plummeting natural gas prices.
The company’s revenue for the quarter came in at $83.08 billion, beating expectations but lower than the previous year. Exxon’s fuel business saw a significant decline in earnings, dropping 67% to $1.38 billion. However, the chemical products segment of the company saw profits more than double compared to the same quarter last year.
Exxon is currently involved in a dispute with Chevron over the latter’s pending acquisition of Hess Corp. The company has taken Chevron to arbitration court to defend its rights to Hess’ assets in Guyana under a joint operating agreement. Chevron has announced that it expects the Hess deal to close in 2024.
Despite facing challenges in its fuel business, Exxon remains a key player in the oil industry. The company’s financial results for the first quarter of 2024 reflect not only the impact of market fluctuations but also the ongoing competition and disputes within the industry.
It will be crucial to monitor how Exxon navigates these challenges in the coming months, particularly in light of the changing dynamics of the energy sector. As the company continues to adapt to market conditions and address disputes with competitors, its strategic decisions will play a significant role in shaping its future performance. Investors and industry analysts will be closely watching Exxon’s next moves to assess its resilience and competitiveness in the evolving energy landscape.