Profits at Exxon Mobil and Chevron fell sharply in the first quarter despite a surge in global oil prices triggered by the Iran conflict, as reported by CNBC. Exxon’s net income dropped 45 percent year on year, while Chevron’s fell 36 percent, according to the report.
The report said the war disrupted supply chains and shipping routes, particularly through the Strait of Hormuz, creating volatility in global energy markets. Chevron CEO Mike Wirth warned that prices will remain elevated until the route reopens.
Exxon Mobil and Chevron earnings fall as Iran war disrupts oil shipments https://t.co/wFezD4lPY6
— CNBC International (@CNBCi) May 1, 2026
Both companies beat Wall Street expectations, but financial hedging losses weighed heavily on earnings. Exxon reported a nearly $4 billion hit due to timing issues in hedged trades, while Chevron booked a $2.9 billion charge.
Refining operations showed mixed performance, with US operations improving but international margins declining amid higher transport costs and disruption.
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