US heavyweights feel the squeeze

Financial results suffer as erratic global politics and abundant supply sends energy prices tumbling

The full-year financial results of US oil and gas firms ExxonMobil, Chevron and ConocoPhillips confirmed what investors had previously feared—profits sent plunging by volatile energy prices and shrinking margins across the value chain. ExxonMobil was arguably the worst afflicted. Total earnings in 2019 tumbled by $6.5bn over the previous full-year result to $14.34bn. The downstream and chemical divisions of the business felt the biggest squeeze, as narrowing North American differentials, reduced chemicals margins and scheduled maintenance lowered earnings by $5.4bn. ExxonMobil did post a slight lift in upstream profit. But while net earnings by lifted $0.36bn over 2018, in reality the $3.7