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Exxon and Chevron quarterly earnings fall despite soaring oil prices

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

Exxon Mobil and 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.

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May 1, 2026 Oil Business Chevron
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Exxon and Chevron quarterly earnings fall despite soaring oil prices Oil May 1, 2026 Exxon and Chevron quarterly earnings fall despite soaring oil prices US oil giants report big drops in profits due to Iran war disruptions but are expected to eventually reap benefitsExxon Mobil and Chevron reported drops in profit in their first quarter despite surging oil prices, a r...
Exxon and Chevron quarterly earnings fall despite soaring oil prices

US oil giants report big drops in profits due to Iran war disruptions but are expected to eventually reap benefitsExxon Mobil and Chevron reported drops in profit in their first quarter despite surging oil prices, a r...

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