- China opens $71 bn 'swap facility' to boost markets
- Mets advance on Lindor grand slam, Yankees and Tigers win
- Taiwan President Lai vows to 'resist annexation' of island
- China's solar goes from supremacy to oversupply
- Asian markets track Wall St record as Hong Kong, Shanghai stabilise
- 'Denying my potential': women at Japan's top university call out gender imbalance
- China's central bank says opens up $70.6 bn in liquidity to boost market
- Zelensky on whirlwind tour of Europe ahead of US vote
- Youth facing unprecedented wave of violence, UN envoy warns
- 'A casino in every kitchen': Brazil's online gambling craze
- Nobel chemistry winner sees engineered proteins solving tough problems
- Lindor powers Mets past Phillies into NL Championship Series
- Wildlife populations plunge 73% since 1970: WWF
- 'Sleeper agent' bots on X fuel US election misinformation, study says
- Death toll rises to 109 after Haiti gang attack, official says
- Tigers beat Guardians and on brink of advancing in MLB playoffs
- Argentina MPs back Milei's veto of university funding
- Man City sink Barca in Women's Champions League as Bayern outgun Arsenal
- Greek international Baldock, 31, found dead in pool: state agency
- Florida seaside haven a ghost town as hurricane nears
- Pharrell Williams to co-chair Met Gala exploring Black dandyism
- Wall Street indices hit fresh records as Chinese shares tumble
- Taiwan's president to deliver key speech for National Day
- Sea row on the menu as ASEAN leaders meet China's Li
- Injured Kane won't start England's Nations League clash with Greece
- Discord seen as online home for renegades
- US forecasts severe solar storm starting Thursday
- Mozambique starts tallying votes in tense election
- Zelensky moves to court European leaders in drive for military aid
- Ratan Tata: Indian mogul who built a global powerhouse
- Rodgers rejects 'false' suggestions of role in Saleh dismissal
- One dead as storm Kirk tears through Spain, Portugal, France
- Indian business titan Ratan Tata dead at 86
- Lebanon facing 'catastrophic' situation as 600,000 displaced: UN
- US warns Israel not to repeat Gaza destruction in Lebanon
- Musk's X returns in Brazil after 40-day showdown with judge
- Call her savvy? Harris unleashes unconventional media blitz
- Lucian Freud 'masterpiece' fetches £13.9 million at London sale
- SoFi Stadium to hold next two CONCACAF Nations League finals
- McIlroy and DeChambeau set for PGA-LIV 'Showdown' in Vegas
- Fed minutes highlight divisions over rate cut decision
- Steve McQueen debuts new WWII film at London festival
- Run blitz edges India and South Africa closer to World Cup semi-finals
- Zelensky to court European leaders in drive for military aid
- Israel captain says 'difficult' to focus on football in time of war
- Macron to host Ukraine's Zelensky after meeting Ukrainian troops
- Root says 'many more to get' after England Test runs landmark
- India pile up World Cup high to rout Sri Lanka
- One year later, Israeli hostage family learns of loss
- Texans receiver Collins, Pats' safety Peppers out for NFL clash
US oil giants' profits dip as Exxon deal nears finish line
ExxonMobil and Chevron both reported a dip in profits Friday on lower refining margins and natural gas prices, but ExxonMobil's big takeover appears on track to close before Chevron's.
ExxonMobil, which had targeted the second quarter to complete a $60 billion takeover of US shale player Pioneer Natural Resources, reported profits of $8.2 billion, down 28 percent from the year-ago period.
Similar results from Chevron showed how the petroleum sector, while off its peak, remains highly profitable, enabling billions of dollars in shareholder payouts.
While commodity prices for liquid hydrocarbons rose slightly and ExxonMobil continued to score impressive volumes from Guyana, those benefits were more than offset by a 32 percent drop in natural gas prices.
The company's energy products business also experienced a big drop in earnings on weaker refining profit margins despite reporting record first-quarter refining throughout.
Revenues dipped four percent to $83.1 billion.
In a conference call with analysts, ExxonMobil Chief Executive Darren Woods expressed confidence in closing the Pioneer transaction in the second quarter, describing "constructive" work with US regulators reviewing the deal for competitiveness concerns.
"As we've said all along, we're very confident that there are no antitrust issues," Woods said.
- Speedbump for Chevron deal -
Rival oil giant Chevron reported profits of $5.6 billion, down 16 percent on revenues of $48.7 billion, down four percent.
The earnings fall was due to lower refinery margins and natural gas prices, partly offset by increased production in the United States, Chevron said.
While ExxonMobil's Pioneer deal appears on the cusp of closing, Chevron's proposed $53 billion takeover of Hess hit a speedbump following a challenge from ExxonMobil.
At issue is Hess's 30 percent stake in the Stabroek Block offshore Guyana, a mammoth oilfield that was a driver of the Chevron's takeover. The issue became public in late February after Chevron announced the acquisition in October.
ExxonMobil, which holds 45 percent of Stabroek, has argued that Chevron-Hess transaction ignores a provision in the venture that gives it "pre-emption rights" and "diminishes an element of value due ExxonMobil," said Woods, adding that the company filed for arbitration on the matter.
Chevron Executive Mike Wirth told CNBC that a third-quarter hearing of the arbitration and a fourth-quarter resolution "would be appropriate."
While Chevron is "very confident" of Hess' position in the arbitration, Wirth said that Chevron could exit the transaction if Hess' arbitration over Guyana is unsuccessful.
Both oil giants continued to steer extra cash to shareholders, with ExxonMobil paying out $6.8 billion in dividends and stock repurchases during the quarter and Chevron allocating $6.0 billion.
Shares of ExxonMobil fell 3.8 percent in mid-morning trading, while Chevron dropped 0.7 percent.
H.E.Young--AMWN