Exxon Mobil Corp. and Chevron Corp. surpassed earnings forecasts. Exxon rose as much as 1.6% in New York and Chevron climbed 2.8%.

Booming shale production lifts Exxon, Chevron forecasts as oil and gas earning season kicks off

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Exxon Mobil Corp. and Chevron Corp. surpassed earnings forecasts as bigger-than-expected oil output from shale fields helped cushion the blow from weakening crude prices.

Exxon rose as much as 1.6% in New York and Chevron climbed 2.8%. Exxon’s outsized result also was aided by a $1.14 billion boost from unsettled derivatives and record fuel production at its refineries.

Chevron, meanwhile, posted adjusted earnings of $3.45 a share that exceeded the Bloomberg Consensus estimate by 23 cents. The oil explorer also raised its dividend by a higher-than-forecast 8%.

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Source: World Oil

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Exxon, Chevron and Oxy led the way in a blockbuster year for Texas oil mergers amid a consolidation wave that is projected to continue.

How a spree of oil and gas mergers are setting the stage for 2024

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Last year was big for Texas oil companies as they jockeyed for access to petroleum-rich plots of the Permian Basin and branched into new territories.

Recent megadeals struck by Chevron and Exxon put pressure on others in the oil industry to catch the consolidation wave, potentially kicking off a new round of mergers and acquisitions that could have a profound impact on Houston for years to come. Additionally, milestone acquisitions made by Exxon and Occidental Petroleum in the carbon capture space also set the stage for Houston to be ground zero for the growing industry.

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Source: Houston Chronicle

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