Exxon, Chevron Profits Disappoint on Weak Refining, Chemical Results
- Costs at Chevron’s huge Tengiz project will rise by about 4%
- International glut of chemicals from new plants stung Exxon
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Chevron Corp. fell the most in more than a year after posting disappointing profits amid drilling problems in Texas, losses from overseas refining and rising costs at a massive oil-field project in Central Asia.
Chevron plunged as much as 6.3%, putting it on track for its worst decline since September 2022. The company was among the worst performers in the S&P 500 Index — even as oil prices rallied.