Major oil companies are not going to cut production due to new prices — OilPrice

Major oil and gas manufacturers are not going to cut their budgets, regardless of the decline in oil prices. Despite the downturn in profitability, leading firms are showing an upturn in production volumes.

ExxonMobil reported a decrease in first-quarter net income to $7.7 billion from $8.2 billion a year earlier. Chevron's revenues showed a decline to $3.8 billion from $5.4 billion, while Shell recorded a 28% drop in first-quarter earnings. TotalEnergies reported a more modest 5% fall in revenues. BP's first quarter results showed lower earnings, and for that reason alone, the oil and gas company made adjustments to its operations. Such results are heating up the oil market.

However, according to recent reports, all of the aforementioned firms are looking to increase their raw material production figures: TotalEnergies by 4%, Exxon by 7%, and Chevron by 9%.

At the same time, the latest decline in Brent and WTI oil prices has had a significant impact on the plans of smaller companies. One such example is EOG Resources' $200 million reduction in capital expenditures and a slowdown in production growth from 3% to 2%.