The news could be bad this week for some of the oil giants based in Houston, Texas—bad because earnings are expected to be lower.
As the Houston Chronicle reported, Chevron and Exxon could see dramatic drops of nearly 30% in earnings. If the paper’s report is true, Exxon might experience a 27% decline from the same quarter in 2024.
Chevron’s earnings are expected to be nearly 33% down compared to the second quarter of last year. On a bright side, Houston’s oilfield services companies such as Halliburton, baker Hughes and Schlumberger, all three with major operations in Oklahoma, are expected to get some relief because of their diversified portfolios.
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