Shares of energy companies fell after earnings reports from major companies missed some Wall Street estimates.
Exxon Mobil swung to its first quarterly profit since the onset of the pandemic, even as the Texas freeze weighed on its results. Chevron and Exxon also posted robust free cash flow, with $3.4 billion in that metric for Chevron and $6 billion at Exxon.
For the year, however, the two giants' total revenue declined by roughly 30% and their long-term debt burdens grew by roughly $20 billion each to levels not seen in the last two decades, as reported earlier.
Oil futures pulled back from recent multimonth highs as concerns about a spike in Covid 19 cases in India and other parts of the developing world persisted.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
04-30-21 1635ET
