BP, Chevron, Exxon Mobil announce financial results for Q1
British oil producer BP posted a net income of $1.51 billion in Q1, up 35% from the same period of last year, and beat the analysts’ expectations of an income of $1.26 billion. The company attributed the rise to higher oil prices and higher production rates.
US oil producer, Chevron Phillips, also reported a net income of $2.68 billion in Q1 when compared to a loss of $725 million in the same period last year. The rise in the company’s income was driven by cost cuts, asset sales and increasing crude prices.
Another US producer, Exxon Mobil, also reported an estimated income of $4 billion in Q1, up 122% from $1.8 billion in Q1 of 2016. The jump in the company’s profit was attributed to the improvement in commodity prices, cost management and refining operations.
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