Shell Aside, Investors Unimpressed with Big Oil’s Third Quarter

Attachment: Big Oil Q3 upstream earnings 110323, Big Oil Q3 downstream earnings 110323, Big Oil Q3 earnings 110323

November 3, 2023–Written by John Egan for Industrial Info Resources (Sugar Land, Texas)–Third-quarter earnings slumped for three large international integrated supermajor oil firms, Exxon Mobil Corporation (NYSE:XOM), Chevron Corporation (NYSE:CVX) and BP plc (NYSE:BP). But Shell plc (NYSE:SHEL) increased third-quarter profits, partly because the prices and margins for its oil, natural gas and chemicals increased, while peers experienced declining or flat prices.

ExxonMobil announced and closed a strategic acquisition of low-carbon player Denbury Incorporated (NYSE:DEN) during the third quarter, bolstering its low-carbon business. Chevron closed its acquisition of PDC Energy Incorporated during the just-competed period; that transaction was announced earlier this year, in the second quarter.

Other companies featured: Pioneer Natural Resources (NYSE:PXD) and Hess Corporation (NYSE:HES)

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