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International Business Times
International Business Times
Business
AFP News

US Oil Giants' Profits Dip As Exxon Deal Nears Finish Line

Exxon Mobil Chairman & CEO Darren Woods said he challenged the Chevron-Hess deal over Guyana because it 'diminishes an element of value to ExxonMobil' (Credit: AFP)

ExxonMobil and Chevron both reported a dip in profits Friday on lower refining margins and natural gas prices, but ExxonMobil's big takeover appears on track to close before Chevron's.

ExxonMobil, which had targeted the second quarter to complete a $60 billion takeover of US shale player Pioneer Natural Resources, reported profits of $8.2 billion, down 28 percent from the year-ago period.

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