Summer Earnings Could Burn Oil Giants

Oil giants like BP and Shell are anticipated to report significant declines in profits for the first quarter due to lower oil prices, poor trading results, and operational challenges. The second quarter is expected to present an even bigger challenge for these companies as oil prices have dropped, impacting their earnings. Despite expectations of weaker earnings, some companies like ExxonMobil foresee an increase in profits for the first quarter compared to the previous quarter. The upcoming months will be crucial for these oil firms as they navigate through tough market conditions.