Exxon (XOM), Chevron (CVX) Q1 2026 earnings

Rising oil prices due to the Iran war did not result in unexpected results. ExxonMobil And Strip in the first quarter.

The two largest U.S. oil companies reported profits on Friday, down significantly from the same period last year. Exxon’s net income fell 45%, while Chevron’s net income fell 36%.

Shares of Exxon rose more than 1% in premarket trading, while shares of Chevron gained nearly 2%.

Oil prices were falling in the first two months of the year on expectations that the market would run a surplus, but they suddenly rose after the US and Israel attacked Iran on February 28. Prices rose 57% as the war caused the largest oil supply disruption in history.

Here’s how Exxon and Chevron did compared to Wall Street’s expectations, according to a survey of analysts by LSEG.

• Exxon reported adjusted earnings per share of $1.16
• Exxon posted revenue of $85.14 billion compared to $82.18 billion expected
• Chevron reported adjusted earnings per share of $1.41, above estimates of 95 cents.
• Chevron reported revenue of $48.61 billion, missing estimates of $52.1 billion

Exxon had warned earlier in the month that the Iran war would impact its results. There are clear fiscal protection measures that turned out to be negative in the quarter as the war triggered a sudden and massive supply disruption.

Exxon lost approximately $4 billion on these transactions due to what it described as a “timing effect.” The value of protected product shipments was not counted in the quarter because their delivery was not completed.

It also took a $700 million hit from closed hedges that were not covered by physical deliveries due to disruption in the Middle East.

But Exxon said the impact was temporary and the protections would ultimately result in net profits in subsequent quarters once the products were delivered.

In conclusion, Exxon announced net profit That figure was $4.2 billion, or $1.00 per share, down from $7.7 billion, or $1.76 per share, last year. Excluding negative timing effects and other items, earnings were $8.8 billion, or $2.09 per share. After eliminating the $700 million hit, Exxon earned $1.16 per share.

Chevron sent Profit was $2.2 billion, or $1.11 per share, in the quarter, compared with $3.5 billion, or $2 per share, a year ago. It recorded a charge of $2.9 billion related to hedging transactions.

After adjustments, Chevron earned $1.41 per share, beating Wall Street’s estimate of 95 cents. This was the company’s biggest earnings loss since October 2020.

This is an evolving story. Please check back for updates.