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Exxon and Chevron Signal They Are Still Shopping for Deals | Mint - Mint

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Exxon and Chevron Signal They Are Still Shopping for Deals | Mint

Exxon and Chevron Signal They Are Still Shopping for Deals

Summary

- Though earnings dipped last quarter, oil giants together added $14 billion in profits to their cash piles

Exxon Mobil and Chevron collectively banked nearly $14 billion in second-quarter profits Friday, down from last year’s record-breaking levels but adding to their war chests as they eye acquisitions in the oil patch.

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Related Knowledge Center: ENERGY BASICS: petroleum

State of Play

While electric-powered vehicles may be the ride of the future, oil remains at least for now the dominant fuel for transportation around the world. And after a period of time at the end of the 20th century when oil was subject to wide fluctuations in price, new supplies in North America as a result of non-conventional recovery techniques have helped stabilize prices.

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