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Chevron's upstream strength lifts first-quarter earnings past estimate
Chevron's first-quarter earnings exceeded Wall Street expectations on Friday as higher oil prices related to the U.S./Israeli war against Iran helped boost its results in its upstream business. LSEG data show that the company's adjusted earnings per share were $1.41, which is well above the consensus estimate. Despite the big beat, overall profits were at their lowest levels in five years. This was partly due to timing effects related to financial derivatives. Chevron’s largest business unit upstream generated $3.9 billion, an increase of 4% on the previous year, as oil prices rose. In a press release, CEO Mike Wirth stated that despite increased geopolitical instability and supply disruptions related to it, Chevron had delivered a solid first-quarter result, highlighting the resilience of its portfolio and the importance of disciplined execution. The conflict between Iran and the West, which began on 28 February, has caused significant disruptions to global energy markets. The Strait of Hormuz has been closed to shipping, causing a shortage of oil and a spike in prices of up to 50%. The net income for January-March was $2.2 billion. This is down from $3.5billion a year ago. Chevron is still only a small part of the Middle East's turmoil, with less than 5%. Results of the Downstream are in Red Downstream operations, on the other hand, saw a swing to a loss, falling from $325 million in profit last year, to $817 million this year. This decline was due primarily to "accounting mismatches" from derivative-related time effects. These are expected to reverse in the next quarter. Exxon, a larger rival, also reported a similar loss?from timing effect. Eimear Bonner, chief financial officer at Chevron, said in an interview that the company expects to close paper positions of?about $1billion and make a profit in the second-quarter. She said that excluding the timing effects of a volatile market, Chevron’s business was solid. We can see our cash flow increasing, we can also see our earnings growing and all of our plans are on schedule. The company stated that it may see further timing effects in the event of a continued rise in oil prices and a "unwinding" effect when prices drop. LIMITED MIDDLE-EAST EXPOSURE Chevron's Middle East production is lower than its peers. The company reported that production in the U.S. was robust and exceeded 2 million barrels per a day for the third consecutive quarterly. The first-quarter volumes decreased slightly to 3,86 million barrels per day of oil equivalent compared to the previous three month due to downtime in the Tengiz?field, Kazakhstan following a fire. The free cash flow was also down to $1.5 billion, due to lower operating cash flows. The metric was down on a?adjusted basis, excluding the impact of?working capital. Bonner reiterated the company's goal of achieving a 10% annual increase in adjusted free cash flows through 2030. Chevron paid $3.5 billion as dividends during the quarter and purchased $2.5 billion of shares. The company's buyback was less than in the previous quarter. However,?Bonner stated that the company still targets a full-year purchase between $10 billion to $20 billion. Biraj Borkhataria is an analyst at RBC Capital Markets. He wrote in a note that Chevron had strong results, but some investors might be disappointed with the lack of increase in buybacks. He also said that a stronger cash flow this year would likely help boost repurchases in the second quarter. The company reported that its capital expenditures in the first quarter of 2026 were higher than the previous year. This was partly due to the investments made in connection with the Hess acquisition. However, this was offset by lower spending in the Permian basin. Chevron's shares rose less than 1% before the market opened. Sheila Dang reported from Houston, and Nathan Crooks edited the story with Sherry Jacob Phillips and Chizu nomiyama.
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Exxon exceeds earnings estimates for the first quarter despite Iran conflict
Exxon Mobil beat expectations for the first-quarter adjusted earnings, but unadjusted profits?dropped below their previous level of five years because of disrupted shipments due to the Iran War and paper losses?from hedging activities. LSEG's consensus estimate of $1.00 per share was surpassed by adjusted earnings of $1.16 for the first three -months. The adjusted figure excludes a $700-million loss due to the disruption of the energy market caused by the Middle Eastern conflict, which began at the beginning of February. Earnings per share were also $2.09, excluding the negative impact of financial derivatives which have a short-term impact. The first-quarter net income was $4.2 billion. This is down from $7.7 in the same quarter in 2025 and the lowest since the first of 2021. Higher Oil Prices Benefits Higher oil prices and increased output from the Permian basin and Guyana helped offset production disruptions from the Middle East. Exxon CEO Darren Woods said in a statement that the company is stronger today than it was a couple of years ago. However, "events" in the Middle East have tested this strength. Oil prices have risen to over $100 per barrel due to the conflict in the Middle East, but it has had a mixed effect on the profits of oil majors. Exxon disclosed a multibillion-dollar loss from timing effects, which it expects will be reversed in future quarters. In contrast, British oil giant BP reported this week 'higher profits' driven by oil trading. Exxon uses derivatives to reduce the risk of price fluctuations during the time required to deliver cargoes to customers. The company stated that the value of the shipment is not reflected until after the transaction has been completed, causing a timing effect. In an interview, Exxon's Chief Financial Officer Neil Hansen stated that it usually takes a few weeks for the timing effects to dissipate. However, he also said it was difficult to predict future timing effects as they will depend on commodity prices. The earnings from upstream including identified items were $5.7 billion. This is up 63% on the previous quarter, but down 15% on last year. The downstream results were a loss $1.3 billion, compared to a profit $827 million the previous year. Exxon reported $2.8 billion in downstream profits, excluding all timing effects. HIGH EXPOSURE MIDDLE EAST Hansen stated that the business was resilient, and that, after excluding timing impacts and undeliverable cargoes, the net income increased compared to last year. Exxon has the highest level of exposure to the Middle East among its competitors, with 20% of their oil and gas production located there. Chevron is the No. Chevron, the No. Exxon has said that if the Strait of Hormuz remains closed for the second quarter it will reduce Middle East production by 750,000 barrels a day compared to the previous year. Exxon reported in a filing to the regulatory authorities earlier this month that disruptions due to war had lowered production during the first quarter by 6%. Exxon executives are likely to be asked about the timeline of repairing the damaged assets in the Middle East during a conference call later that day. This is also a significant portion of Exxon’s portfolio for liquefied gas. The oil company has stakes in two liquefied gas plants?in Qatar which were damaged by Iranian attacks. Exxon’s most significant upstream assets include the Permian basin and offshore production in Guyana. Hansen said that Guyana's production reached a record and the company continues to grow in Permian. Exxon’s free cash flow decreased to $2.7 billion from $8.8 in the previous quarter. The company paid out $4.3 billion as dividends, and purchased $4.9 billion of shares in the first quarter. Cash capital expenditures reached $6.2 billion in line with the company’s guidance for the full year. Sheila Dang reported from Houston, and Nathan Crooks edited the story with Muralikumar Anantharaman, Barbara Lewis and Barbara Lewis.
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HF Sinclair reports surprise quarterly profit due to higher refining rates
HF Sinclair announced a surprising first-quarter 'adjusted' profit on Friday. This was aided by increased refining % margins and higher refined product sales. The U.S. refineries are reaping the highest margins they have seen in years as the 'disruptions' to Middle Eastern oil flow due to the Iran War has increased demand for U.S. exports of fuel. The effective closing of the Strait of Hormuz by Tehran -- a crucial chokepoint where a fifth of all global oil and gas shipments pass -- has stoked fears about supply, sent crude futures prices higher and triggered a spike in volatility across energy markets. U.S. refiners are less dependent on Middle Eastern oil and can benefit from global fuel shortages by increasing international sales through the U.S. Gulf Coast Hub. Franklin Myers, CEO of Franklin Myers Inc. said that the company would continue to focus on "executing our strategic priorities" and believes each of its business segments are well-positioned to benefit from the macroeconomic environment. U.S. refinery profit margins measured by the 3-2-1 Crack Spread In the first quarter, grew by an average of 73% from a year ago. The adjusted refinery gross margin per barrel of the company was $9.95, up from $9.12 a year ago. The refiner’s refining division reported a core quarterly profit of $55million, compared to a loss?of $8million from a year ago. HF Sinclair’s renewables segment posted an adjusted core loss of $17million last year, compared to a profit of $133million this year. The adjusted core profit in the lubricants & specialties segment rose from $85 to $103 millions. According to LSEG, the Dallas-based company posted an adjusted profit per share of 69 cents for 'the three months ending March 31. This compares with analysts' estimates of a loss per share of 6 cents. (Reporting from Bengaluru by Pooja menon; editing by Maju Sam)
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Exxon exceeds earnings estimates for the first quarter despite Iran conflict
Exxon Mobil beat expectations for the first quarter adjusted earnings on a Friday. However, unadjusted 'profit' dropped to its lowest in five years because of disrupted shipments due to the U.S./Israeli war against?Iran. Also, a negative impact was caused by?timing issues related to financial derivatives. The adjusted earnings for the first 'three months' of the year came in at $1.16, which was above the consensus estimate by LSEG of $1.00. The adjusted figure excludes a $700m loss due to cargoes which were not delivered because of the war. Earnings per share were $2.09, excluding financial derivatives. Net income was $4.2 billion for the first three months of the year, down from $7.7 million in the same quarter in 2025. It is the lowest it has been since the first quarter in 2021. U.S. Oil Producer Benefitted from Higher Oil Prices?and Increased Production from its Primary Assets in Permian basin and Guyana which helped offset production interruptions in the Middle East. Exxon CEO, Darren Woods, said in a statement that the company is stronger today than it was just a few short years ago. However, "events" in the Middle East have tested this strength, and the safety of the people remains our number one priority. Oil prices have risen since the middle of February due to the conflict in the Middle East, but profits for oil companies are uneven. Exxon disclosed a multibillion-dollar loss from?timing impacts that it expects will unwind in future quarters. In contrast, British oil major BP reported this week higher profits 'driven by its oil-trading operations. Exxon uses financial derivatives to reduce the risk of price fluctuations during the delivery time to customers. The company stated that the value of the shipment is not reflected until the transaction has been completed, creating a time impact. In an interview, Exxon's Chief Financial Officer Neil Hansen stated that it usually takes a few weeks for the timing effects to dissipate. However, he also said it was difficult to predict future potential timing effects, as it depends on the changes in commodity prices. MIDDLE EST IMPACT Hansen stated that the underlying business was resilient, and that, after excluding all timing effects and undelivered goods, net income increased compared to last year. Exxon has a Middle East production of 20%, which is among the highest rates compared to its competitors, including Chevron. The No. 2 U.S. producer of oil, Chevron, said Friday that less than 5 percent of its production is sourced from the Middle East. Exxon stated in a filing to the regulatory authorities earlier this month that disruptions?due the war' lowered the first-quarter production compared to the previous three months by 6%. Exxon executives will likely be asked about the timeline of repairing the damaged assets in the Middle East during a conference call later that day. This region also represents a significant portion of Exxon’s portfolio for liquefied gas. The oil company has stakes in the two liquefied gas facilities in Qatar, which were damaged by Iranian attacks. Exxon’s biggest upstream assets are the Permian basin and offshore production from?Guyana. Hansen stated that Guyana production had reached a record and the company was continuing to grow within the Permian. Exxon’s free cash flow decreased to $2.7 billion from $8.8 in the previous quarter. The company paid out $4.3 billion as dividends, and purchased $4.9 billion of shares in the first quarter. Cash capital expenditures reached $6.2 billion in line with the company’s guidance for full-year. Sheila Dang reported from Houston, and Nathan Crooks edited the story.
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Gold prices rise, causing gold to fall by a weekly loss
Gold prices dropped more than 1% last Friday and are expected to drop by a similar amount this week, as rising oil prices continue to fuel inflation fears that will discourage central banks from reducing interest rates. At 0952 GMT spot gold was down by 1.1%, at $4,568.82 an ounce. This is on course for a loss of 1.2% per week. U.S. Gold Futures for June Delivery fell by 1.1% to $4579.70. UBS analyst Giovanni Staunovo said that gold is negatively correlated with oil in the near term as it impacts interest rate expectations. Iran warned on Thursday that it would retaliate if Washington re-attacked its positions with "long and painful" strikes, reinforcing its claim over the Strait of Hormuz. Brent crude prices are now double what they were at the beginning of the year. This has sparked concerns about a global slowdown, and a rise in inflation due to the surge in fuel prices. U.S. gasoline prices rose in March, causing inflation to accelerate. This reinforced expectations that the Federal Reserve would keep interest rates at current levels well into the next year. Following similar decisions by the Fed, the Bank of Japan and the European Central Bank this week, the Bank of England and the European Central Bank left interest rates unchanged on Friday. In a high interest rate environment, gold, which is traditionally viewed as a hedge against inflation and geopolitical unrest, may lose its appeal in favor of yield-bearing investments like U.S. Treasuries. Staunovo, however, said UBS maintained a positive outlook for?the next six to twelve months. "Uncertainty around upcoming midterm (U.S. ) elections, expectations of a weakened U.S. Dollar over time, and falling real interest rates (as Fed cuts) will likely support investment demand along with?continued demand from central banks." He said that these factors could push prices up to $5,900/oz in late 2026. Silver spot prices dropped 0.6%, to $73.27 an ounce. Platinum was down 1.3%, at $1960.30. Palladium fell 0.6%, to $1515.37. (Reporting by Anjana Anil in Bengaluru; Editing by Kirsten Donovan)
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India will experience more heatwaves than usual in May due to an increase in energy demand
The weather office said on Friday that many 'Indian states will likely?experience an above-average amount of 'heatwave days' in May, as India continues experiencing higher-than average temperatures, which are driving energy demand to record highs. India, the third largest oil importer and consumer in the world, is already under pressure after the U.S./Israeli conflict over Iran has disrupted shipping through the Strait of Hormuz. Mrutyunjay M. Mohapatra is the director-general of India Meteorological Department. India will likely receive more than 110% above average rainfall in May. However, many areas of the south peninsula as well as those in the north and northwest are expected to record higher temperatures. India experienced below-average rainfall during April. Maximum and minimum temperatures were both above average. This pushed peak power demand to an all-time high of 256.1 gigawatts.
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UK factories hit by Iran War: Expect higher costs and delivery delays
According to a survey, the impact of the war with Iran was highlighted by the rise in cost pressures for British manufacturers in April. Delivery delays also increased. S&P Global's UK Manufacturing Purchasing Managers' Index increased to 53.7 from 51.0 in February. The final reading is slightly higher than 53.6 from the provisional data for April. The U.S. and Israel war against Iran, which began late?February this year, has disrupted international shipping. The vital sea channel is still closed, squeezing out 20% of world oil and gas supplies and driving up global energy prices. Due to Houthi attacks in Yemen, many vessels have chosen to avoid the Red Sea route and instead take the much longer journey around southern Africa. S&P reported that restrictions on ships attempting to pass through the Strait of Hormuz had caused delivery times to be longer than they have been in almost four years. The survey found that output and new orders increased last month. However, input costs for manufacturers rose at the fastest rate since June 2022. Rob Dobson of S&P Global Market Intelligence said that the increase in production was partly due to clients who brought forward purchases to offset expected price increases and supply disruptions. As this process unfolds, along with declining business optimism in the second half of the year, the growth in the sector may?cool, while inflationary pressures remain high." The PMI's measure of average selling prices rose at its fastest rate since November 2022. The optimism of businesspeople about the next 12 months has dropped to its lowest point in over a year. The survey?respondents expressed concern about the effects of?the Middle East Conflict and?the government policies. The first increase in hiring was not seen since October 2024, when Finance Minister Rachel Reeves introduced tax increases for employers in her budget. Suban Abdulla reported; Hugh Lawson edited.
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Syria still relies on Russian oil despite pivot towards the West
Reporting shows that Russia is now the largest oil supplier to Syria despite the alignment of the new government with the West, and despite widespread mistrust of Moscow due to its military support of the fallen leader Bashar Al-Assad. The reporting found that oil shipments from Russia jumped by 75% this year to about 60,000 barges per day, based upon calculations of official announcements, and data from ship tracking on LSEG MarineTraffic, and Shipnext. These volumes are a small part of the daily oil exports from Russia. The flows will make Russia the dominant crude supplier in Syria after the fall of Assad, December 2024. This is replacing Iran, which was a major ally of the ousted president during the 14-year civil conflict. This dynamic shows how limited Syria's options are. Even though Syria emerged from the war with a Western leaning economy, it is not firmly?integrated in the global financial system. Three Syrian officials and two analysts said that the trade was a reflection of economic necessity for Damascus. It also gave Moscow influence over a country in which it still has two air and naval bases. Officials who spoke under condition of anonymity in order to discuss sensitive issues said that the relationship with Russia could strain ties between the EU and Washington. However, Damascus has limited options at the moment. According to Syrian economist Karam Shar, the trade could also expose Syria's energy industry to new Western sanctions. Shaar added that the Syrian government is aware of the risks, and is looking for alternatives suppliers. A representative of the state-owned Syrian Petroleum Company (SPC), said that Damascus is trying to diversify its suppliers and has, to date, unsuccessfully sought an oil agreement with Turkey, a country close to Sharaa's government. SynMax, a maritime analytics firm, said that financial constraints, commercial risk and years of conflict have limited Syria's ability to access conventional tanker operators. This leaves Russian-linked networks as the only viable option. SynMax stated in a press release that "these shipping networks?could pose reputational challenges to Syria as it seeks re-establish its commercial credibility." However, the statement noted that "a shift to conventional international supply chain is unlikely to happen immediately." The Russian or Syrian energy ministries did not respond to comments. The U.S. State Department refused to comment on Syria’s oil trade with Russia. The U.S. Treasury issued temporary waivers to countries that have already purchased sanctioned Russian oil or petroleum products at sea. The Ministry of Information in Syria, which deals with media requests for Sharaa's Office, did not either respond. Officials from the Syrian Energy Ministry said that Syria's dependence on Russian oil was also due to its limited market size, weak purchasing power and difficulty in securing long-term contracts. In March 2013, the Central Bank of Syria reactivated their account with the Federal Reserve Bank of New York, allowing them to communicate more widely with the global financial systems for the first since 2011. RUSSIA IS FIRST TO SEND OIL FOLLOWING ASSAD'S FALL According to Kpler and an official, Russia was the first country to send a cargo to Syria following the fall of Assad. It went on to ship 16.8 million barrels by 2025 –?about 46,000 barley per day – through 19 cargoes between February 28th and December 31st. Calculations show that this has increased to 60,000 barrels a day. The names of 21 vessels that arrive in Syrian ports almost weekly from Russia were tracked. All of the vessels are under Western sanctions. The rise is a "sharp departure" from the previous years. Iran was Syria’s main crude supplier until 2025. Russia’s contribution was limited to occasional diesel deliveries. Kpler data indicates that in 2024, all crude imports - approximately 22.2 million barrels – came from Iran. This was after Assad fell. Although the government has regained control of oilfields in eastern Syria, production is still limited. Al-Omar, the country's biggest oil field in Deir-Ezzor, produces 5,000 barrels of crude oil per day. Total domestic production was 35,000 bpd by 2025. This is far below the 350,000 bpd levels that existed before war. According to officials from the Syrian Petroleum Company, and the energy ministry, Syria's daily fuel and oil needs are between 120,000 and 150.000 barrels. Additional volumes, estimated by officials as around 50,000 bpd, are smuggled in from Lebanon, which imports crude oil from many sources, including Turkey, Saudi Arabia, and Russia. The Russian shipments have covered the gap of approximately a third of the domestic demand. These contracts were purchased at a discounted price to Brent crude benchmark prices before the Iran War. An official from the Syrian Company for Oil Transport who is familiar with these contracts confirmed that the contracts were purchased prior to the Iran War. Syrian authorities announce when oil shipments arrive in state media outlets but don't disclose their origin. This is because they are aware that Russia has a low level of popularity in Syria due to its military support for Assad. The government only identified one delivery, from an ally Saudi Arabia. It was described as a gift. Syrian officials admit that the fates of Russian bases are often discussed between Damascus, and Western capitals. In an April post on X, U.S. Republican Congressman Joe Wilson stated that Syria should "do the right thing" and do what the majority in Syria supports and remove the bases. SANCTIONED VESSELS LSEG data show that at Syria's Mediterranean Terminals, trade is handled through a rotating tanker fleet linked to Russia's network sanctioned or risky tankers. These vessels operate under multiple flags such as Panama, Liberia Marshall Islands, Comoros Madagascar Oman, Russia and Liberia. According to SynMax, ship-to-ship transfer is a part of the supply chain, and it's often done near Greece, Cyprus, or Egypt. These transfers of?oil by sea, rather than a direct unloading at port, are often used to cut transportation costs or to avoid sanctions by concealing the origin and owner of cargo. The ship-to-ship operation indicates that the United States does not completely turn a blind-eye to these activities and that at least some of these shipments are being concealed by the Syrian and Russian authorities, said Shaar, an economist. SynMax reports that the Albarraq Z, a ship flying the flag of the Comoros, which was sanctioned in January by the U.S. for alleged links to Iran-backed Houthi network, took on oil through three transfers at sea. The ships had left Russian port before anchoring near Tartous in Syria, where drafts from 11.9 meters to 7 metres suggested cargo 'discharge. The purpose of the transfers could not be determined. Some vessels are linked to Iranian-linked networks of trading that Russia also uses. The U.S. Treasury sanctioned the Guinea-flagged Aether in 2025 and the Madagascar-flagged Briont in 2025 because of their links to Hossein Shamkhani's network, the son a former Iranian Supreme leader advisor. SynMax discovered that both vessels displayed irregular tracking behavior. Aether transmitted intermittently from early January, and?Briont began broadcasting using the identity of another vessel from mid-January. This was despite their routes pointing to deliveries from Novorossiysk, to?Syria. Could not determine the cause of the intermittent location data. One source said that Syria used these transfers partly because officials are familiar with them after being excluded from the normal shipping networks for years. Other ships that unload in Syria seem to be more closely linked to Russian logistic. According to two separate analyses conducted by the intelligence firms Lloyd's List & Kharon, both Carma and Lynx flying Oman's flag are owned by an UAE-based company that is linked to Russia's Sovcomflot state shipping giant. Since last year, the U.S. and EU have sanctioned the Comoros flagged Grinch – detained by France this February – for its links with Russia's oil exporting fleet from Murmansk. Could not independently verify ownership of the ships. Noam Raydan is a maritime and energy analyst with the Washington Institute. He warned that it's not just about Syria paying for and getting its oil. She said: "The question is, who are the sanctioned players that benefit from this trade?" (Written by Feras Dalatey; edited by Frank Jack Daniel
Chevron's upstream strength lifts first-quarter earnings past estimate
Chevron's first-quarter earnings exceeded Wall Street expectations on Friday as higher oil prices related to the U.S./Israeli war against Iran helped boost its upstream business.
According to LSEG data, the company reported adjusted 'earnings' of $1.41 per a share, which is well above the consensus 'estimate' of 95 cents. Despite the impressive beat, total profit was at its lowest in five years due partly to timing effects related to financial derivatives.
Chevron’s largest business unit, the upstream segment, has generated $3.9 billion, an increase of 4% on a year-over-year basis as higher oil prices have led to increased revenues.
Mike Wirth, CEO of Chevron, said that despite the increased geopolitical volatility, and the supply disruptions it caused, the company delivered a solid first quarter performance. This highlights the resilience of the portfolio, as well as the value of disciplined implementation.
The conflict between Iran and the United States, which began February 28, has significantly disrupted energy markets around the world. The Strait of Hormuz has been closed to shipping, causing a shortage of oil and a spike in prices of up to 50%.
The net income for the period January-March was $2.2 billion. This is down from $3.5 million a year ago. Chevron is still only a small part of the Middle East's turmoil, with less than 5%.
Results of the Downstream are in Red
Downstream operations, on the other hand, saw a swing to a loss, falling from $325 million in profit last year, to $817 million this year. This was due primarily to "accounting mismatches" from derivative-related time effects. These are expected to reverse in the next quarter.
Exxon, a larger rival, also reported a similar impact from timing effects.
Eimear Bonner, chief financial officer at Chevron, said in an interview that the company expects to close paper positions of about $1 billion and make a profit in the second-quarter.
She said that excluding the timing effects, which are common in volatile environments, Chevron’s business was solid.
"We see our cash flow increasing, we see our earnings increasing, and all of our plans are on schedule."
LIMITED MIDDLE-EAST EXPOSURE
Chevron's Middle East production is lower than its peers. The company reported that production in the U.S. was robust and exceeded 2 million barrels per a day for the third consecutive quarter.
The first-quarter volumes decreased slightly, to 3.86m barrels of oil equivalents per day, compared to the previous three months due to downtime in the Tengiz Field in Kazakhstan following a fire.
The free cash flow was also down to $1.5 billion, due to lower operating cash flows. The metric, adjusted to exclude the impact of working capital but still a negative number, was down on the previous quarter.
Bonner confirmed?the company’s goal of achieving a minimum 10% annual growth rate in adjusted free cash flows through 2030.
Chevron paid out $3.5 billion as dividends during the quarter and purchased $2.5 billion of shares. The company's buyback figure is lower than the previous quarter. Bonner stated that they continue to "target" full-year purchases between $10 billion and $20 billion.
The company reported that its capital expenditures in the first quarter of 2026 were higher than the previous year. This was partly due to the investments made in connection with the Hess acquisition. However, this was offset by lower spending in the Permian basin.
(source: Reuters)