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Despite plunging prices, Oil Companies finished 2018 strong

Despite plunging prices, Oil Companies finished 2018 strong
Written by Dan Sfera

Few of the largest oil companies located in the Western region have successfully managed to declare their annual profits despite the fact the oil prices were left plunging last year. And few of them even managed to report some of the biggest profits in recent years.

Recently Chevron, as well as ExxonMobil, released reports of the fourth quarter earnings being quite strong. This Thursday, Royal Dutch Shell also followed this and released its own report. These reports have explained how by following a disciplined strategy and returns, the profits of these companies managed to grow. Many big oil companies have benefitted from this practice.

These reports have stated how these companies worked hard to maintain their strategy and reconstruct their business planning and positioned themselves in the market in such a strong manner that even when the crude oil prices were going up, these bigwigs had prepared themselves to thrive hard. Few of them even went on the extent to even sell their important assets.

During the end of the fourth quarter last year, crude oil prices across the globe saw a fall of huge 38%. Meanwhile, at the same time, ExxonMobil successfully generated the net income amounting to $6 billion. Although this profit amount is lower than the profit reported during the same time last year, however experts are still praising it. For the oil giant, the profit reports have turned out to be better than expected. Last year’s reports were better due to major tax overhaul provided to the company.

Chevron in its reports has stated that the company’s net income for the previous quarter stands at $3.7 billion which is astonishingly 19% better than that of the last year. Although Shell has not stated the exact net amount earned during the last quarter of 2018, however, it is being speculated that the net worth has been profitable.

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