Big Oil Braces for Oil Price Hit

Earlier this week, Shell warned its second-quarter earnings would be weaker due to lower trade in gas and oil derivatives. Now, Exxon has joined its peer in the warning series, saying weaker oil and gas prices during the second quarter would affect its financial results, and rather substantially, at that. Big Oil is having a difficult moment. The question is whether it would extend in time. Back in May, Morgan Stanley predicted that the biggest international oil companies were set to see a slump in earnings later this year and in 2026, threatening…