Big Oil Heads for Back-to-Back Profit Triumphs as Fortunes Turn
- U.S. supermajors exceed analysts’ estimates with cost cuts
- Chevron turns corner after worst annual performance since 1980
What Is Shaping the Global Oil Market?
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Fresh off Big Oil’s best quarter in years, Exxon Mobil Corp. and Chevron Corp. may be poised for a repeat.
One-third of the way into the second quarter, crude prices -- the prime driver of explorers’ profits -- are 25 percent higher than a year ago. If global supplies continue to contract and demand inches up through the end of June, the two dominant U.S. drillers will book a second straight quarterly victory in late July or early August.