Exxon and Chevron beat estimates

Exxon Mobil and Chevron have both surpassed Wall Street revenue expectations for the first quarter, despite a year-over-year decline in total profits.

The companies are navigating a complex landscape marked by the Iran war, which has driven up crude prices but also disrupted production and shipping routes.

Exxon CEO Darren Woods warned that more price spikes are likely as the conflict continues to Dislocate global energy markets.

Both firms have prioritized returning cash to shareholders through buybacks rather than significantly increasing production in the current volatile environment.