Shares of energy companies fell after earnings reports from the two largest U.S. oil majors.
Exxon Mobil banked one of its highest-ever profits for a second quarter, bolstered by record production in the Permian Basin and Guyana as it stretched its lead over rival Chevron.
Chevron shares slipped into the red for the year after the oil giant posted lower earnings shy of Wall Street targets, largely due to narrowed refining margins and the loss of favorable tax items from last year. The company also said it was moving its headquarters to Houston from its longtime base in San Ramon, Calif.
Oil futures finished the week with a loss, as fears about economic slowdowns in China and the U.S. offset signs of escalating warfare in the Middle East.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
08-02-24 1730ET
