Exxon and Chevron quarterly earnings fall despite soaring oil prices

The Guardian The Guardian —

US oil giants report big drops in profits due to Iran war disruptions but are expected to eventually reap benefits

https://www.theguardian.com/business/exxonmobil">Exxon Mobil and https://www.theguardian.com/business/chevron">Chevron reported drops in profit in their first quarter despite surging oil prices, a result of stalled deliveries and supply disruptions in the Middle East.

Exxon’s quarterly earnings fell to $4.2bn from about $7.7bn the same quarter last year, a decline of about 46%, while Chevron’s profits fell to $2.2bn from about $3.5bn, down about 37%.

Still, both companies beat Wall Street expectations.

https://www.theguardian.com/business/2026/may/01/exxon-chevron-quarterly-earnings">Continue reading...

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Exxon and Chevron beat estimates