Petroleum Companies’ Financial Performance down

By Alex Mills   February 6, 2020 As many oil and gas companies began releasing their 2019 financial reports this week, it became apparent that last year was a stinker financially even though there was record production in the U.S. Exxon Mobil, the nation’s largest energy company, reported a 31 percent decline in earnings compared to 2018. Chevron reported an 80 percent decline. Two other international, integrated petroleum companies – BP and Shell - also reported declines of 21 percent and 23 percent, respectively. The large volume of crude oil and natural gas production in the U.S. has created an oversupply and caused prices to decline. Crude oil prices dropped this week to $49 down $4.95 (10 percent) from a year ago, and natural gas sold for $1.87 at Henry Hub down $0.78 (29 percent). Prices have been soft during the last five year. Declining petroleum prices have created lower gasoline, electricity, etc. prices. Gasoline dropped below $2 in some areas in Texas and averaged $2.45 nationwide.....  
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