Exxon Mobil, Chevron earnings miss Wall Street expectations | Reuters

Exxon Mobil, Chevron earnings miss Wall Street expectations | Reuters:

Exxon Mobil Corp and Chevron Corp, two of the world’s largest oil producers, reported quarterly profit on Friday that fell far short of Wall Street’s expectations.

The disappointing results come as much of the U.S. oil industry has been recovering from a three-year downturn in the energy sector, bolstered by higher production and crude prices.

Exxon’s troubles highlight ongoing issues the company has been having to boost operations, whereas Chevron’s miss was fueled by a slight rise in expenses that likely will not be repeated, analysts said.