Oil Daily | ExxonMobil and Chevron Surpass Earnings Forecasts Amid Strategic Divestments and High Output

【Oil-Producing Countries Dynamics】

Europe is not close to replacing Russian gas with Azerbaijani supplies, despite efforts to prepare for the end of the Russia-Ukraine gas transit deal. Slovakia and Hungary are reportedly nearing a deal with Azerbaijan, but no imminent agreement has been confirmed. The EU remains without a solid replacement plan.

【Industry News】

ExxonMobil has finalized the sale of its Fos-sur-Mer refinery in France to a consortium of Entara and Trafigura. This divestment reduces Exxon's refining capacity in Europe, aligning with its strategy to focus on core upstream areas. The company is also close to selling its stake in a German refinery.

【Company News】

ExxonMobil reported third-quarter earnings exceeding expectations due to high production levels, particularly in Guyana and the Permian Basin. Despite lower overall earnings year-over-year, production achievements compensated for weaker refining margins and lower oil and gas prices.

Chevron Corporation announced third-quarter profits surpassing market forecasts, driven by record production in the U.S. and the Permian Basin. The company reported increased production and is progressing with asset sales as part of a larger divestment strategy. Chevron also advanced its merger with Hess Corporation.