Lower Natural Gas Prices Squeeze Big Oil's Profits in Q1 2024

Much lower natural gas prices this year compared to 2023 dragged down profits at some of the largest oil and gas companies, which have so far reported a mixed bag of earnings for the first quarter of 2024. U.S. supermajors ExxonMobil and Chevron, as well as France's TotalEnergies, all cited lower natural gas prices as a key downward pressure on earnings that couldn't be fully offset by stable crude oil and liquids realizations and refining margins. Exxon reported on Friday underwhelming earnings for the first quarter that were lower than…