Exxon and Chevron stocks slide after missing earnings expectations
Shares of Exxon Mobil (XOM) and Chevron (CVX) are trading lower on Friday as both companies revealed a dip in first quarter revenue compared to the same period last year. However, both companies beat Wall Street revenue expectations for the quarter. While some of the forecasts for these companies are mixed, upcoming projects have the potential to turn things around.
Truist Managing Director of Energy Research Neal Dingmann joins The Morning Brief to give insight into the energy sector and what investors can expect from Exxon and Chevron moving forward.
Dingmann explains that growth will be accelerated by two upcoming projects in particular: "They're going to have big growth...in Guyana and the Permian [Basin]. That's going to keep the remainder of their overall portfolio flat. Guyana is the one worth pointing out. If you look at the projects coming on through 2027 on a gross basis, which Exxon has 45% of this, that could do almost 1.2 billion barrels a day. You think that: the US alone is doing about 13 billion barrels. This is encroaching on over 10% of what the US alone could do with this project by 2027. That's why it's obviously a big deal on this litigation between Chevron and Exxon on the Hess deal. I cannot say enough about this Ghana project...It's a mega project to say the least. "
#youtube #oil #news
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Видео Exxon and Chevron stocks slide after missing earnings expectations канала Yahoo Finance
Truist Managing Director of Energy Research Neal Dingmann joins The Morning Brief to give insight into the energy sector and what investors can expect from Exxon and Chevron moving forward.
Dingmann explains that growth will be accelerated by two upcoming projects in particular: "They're going to have big growth...in Guyana and the Permian [Basin]. That's going to keep the remainder of their overall portfolio flat. Guyana is the one worth pointing out. If you look at the projects coming on through 2027 on a gross basis, which Exxon has 45% of this, that could do almost 1.2 billion barrels a day. You think that: the US alone is doing about 13 billion barrels. This is encroaching on over 10% of what the US alone could do with this project by 2027. That's why it's obviously a big deal on this litigation between Chevron and Exxon on the Hess deal. I cannot say enough about this Ghana project...It's a mega project to say the least. "
#youtube #oil #news
About Yahoo Finance:
Yahoo Finance provides free stock ticker data, up-to-date news, portfolio management resources, comprehensive market data, advanced tools, and more information to help you manage your financial life.
- Get the latest news and data at finance.yahoo.com
- Download the Yahoo Finance app on Apple (https://apple.co/3Rten0R) or Android (https://bit.ly/3t8UnXO)
- Follow Yahoo Finance on social:
X: http://twitter.com/YahooFinance
Instagram: https://www.instagram.com/yahoofinance/?hl=en
TikTok: https://www.tiktok.com/@yahoofinance?lang=en
Facebook: https://www.facebook.com/yahoofinance/
LinkedIn: https://www.linkedin.com/company/yahoo-finance
Видео Exxon and Chevron stocks slide after missing earnings expectations канала Yahoo Finance
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