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Oil Companies Report Strong Earnings, but Can They Keep Up the Good Performance?
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IntroductionMajor oil companies posted strong first quarter earnings despite lower oil pricesIt remains unclear ...
- Major oil companies posted strong first quarter earnings despite lower oil prices
- It remains unclear whether these earnings can wetrade official websitebe sustained into the second quarter as oil prices continue to weaken
- A downturn in oil prices could provide opportunities for companies with a lot of cash to make acquisitions and position themselves well for the next upswing in demand
) posted ) , and even
prices averaged only $76.08 per barrel in the first quarter, which is a significant drop from prices in 2022. ExxonMobil’s global refining business brought the company $4.2 billion in profit—a major turnaround from the same quarter last year when its refining business lost money after it faced high
(NYSE:) and (NYSE:), also posted very
) were also and oil. This is consistent with other quarters when BP’s oil trading division has shown strong profits for the company.
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