Exxon Mobil’s profit slid more than 5% in the fourth quarter of 2019, as the oil giant dealt with low natural gas prices and weak margins in its chemical and retail fuel operations.
The country’s largest oil producer posted $5.69 billion in profits, or $1.33 per share, for the quarter, which was lower than some analysts expected.
Chevron also had a tough quarter, posting a loss of $6.6 billion, or $3.51 per share. The company, based in San Ramon, California, reported $10.4 billion in impairments and write-offs, mostly related to its natural gas operations.
“There weren’t a lot of places to hide for earnings power in this quarter,” said Stewart Glickman, an analyst at CFRA. “You had fairly mediocre crude oil prices, you had weak natural gas prices, weak to the point that Chevron took it as a major impairment charge.”