Gloom Mounts for Big Oil as Exxon, Chevron Disappoint Investors
- Exxon sheds $12 billion in market value in under three hours
- North America’s oil titans weighed down by excess supplies
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Exxon Mobil Corp. and Chevron Corp. are discovering that the vaunted Permian Basin is a double-edged sword: surging shale supplies there are driving down global energy prices.
North America’s largest oil explorers posted their weakest results in years on Friday, bedeviled by poor performances in almost all of their business lines. The main culprit: excess supplies of everything from gas to motor fuels and polyethylene.