Exxon Mobil and Chevron post Q1 profit drops despite soaring oil prices
Fast facts
- Category: Business
- Language: EN
- Published: 2026-05-01 12:42 UTC
- Sources: The Guardian Business
Both Exxon Mobil and Chevron reported lower first‑quarter earnings even as global oil prices rose sharply. The companies blamed supply disruptions and stalled deliveries linked to the ongoing Iran war, which limited the ability to capitalize on higher prices. The Guardian Business says the earnings decline is expected to be temporary once the conflict eases.