ExxonMobil, Chevron Profits Slump on Falling Oil Prices
1. Chevron's Q2 profits down 44%, missing revenue forecasts. 2. Adjusted EPS for Chevron at $1.77, beating estimates despite poor results. 3. Crude prices fell below $60, impacting oil revenues significantly. 4. Chevron incurred a $215 million loss from Hess share valuation. 5. Acquisition of Hess may strengthen Chevron's industry position long-term.