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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

Oil Companies Report Strong Earnings, but Can They Keep Up the Good Performance?

(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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