Exxon Mobil (XOM) reported Q4 FY23 adjusted net profit of $9.96 billion, or $2.48 per share, beating consensus estimates. Improved profits result from favorable derivative impacts, increased volume on key assets.
In recent years, the FAANG era of tech dominance has given way to the rise of Mag7 and now the AI5 - Microsoft, TSMC, Broadcom, Nvidia, and AMD - shaping the market with their cutting-edge AI technology.
Chevron Corporation (CVX) posts Q4 FY23 results with total revenues at $47.18 billion, slightly below the expected $51.62 billion consensus. Despite the revenue miss, the company reports 4% increase in worldwide net oil-equivalent production, driven by strategic acquisitions and Permian Basin growth. Adjusted net earnings at $6.45 billion beat estimates at $3.45 per share. Chevron demonstrates shareholder commitment with an 8% dividend increase, and shares respond positively.
BP's Whiting refinery reportedly evacuated after transformer failure caused a power outage. There were no details on how long BP would take to restart the refinery.