Geopolitical challenges and weaker prices are weighing on the world's largest oil companies
The world’s largest oil companies are reporting underwhelming first- quarter profits as an array of geopolitical challenges and weaker prices around the world produced anemic results in the first three months of the year.
Sanctions in Venezuela, production cuts in Canada and weak natural-gas prices in Asia took a toll on Exxon Mobil Corp., Chevron Corp. and other companies. The business of refining crude, one of the most reliable profit centers in the industry during the last five years, was especially hard hit.
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