Big Oil braced for worst year since pandemic as bumper profits dry up

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Financial Times 14h ago

Big Oil braced for worst year since pandemic as bumper profits dry up - Financial Times

Quick Summary:

Last week, the three biggest western oil services companies, Baker Hughes, Halliburton and SLB, all raised concerns about the weakening outlook.

While Exxon’s strong asset base means it can preserve shareholder distributions well into 2026, he expected Chevron to reframe expectations.“Chevron previously presented a $10bn to $20bn buyback range from $60 to $85 oil.

But the sharpest fall in oil prices came after the end of the reporting period, so investors will be most interested in what guidance the companies offer.