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Oil Giants' Q1 Earnings Fall After Iran Attack, Gas Soars

5/2/2026

34 3 Full Breakdown

Summary

Story summary

Exxon Mobil and Chevron posted lower Q1 earnings despite a 57% crude price rise after the U.S. and Israel attacked Iran.
Exxon’s net income fell 45% and it recorded a $4 billion hedge loss.
Chevron’s net income dropped 36% to $2.21 billion, and its adjusted EPS of $1.41 beat the $0.92 consensus.
U.S. gasoline prices rose to $4.39 per gallon, an 8% weekly jump that strains budgets and prompts airline cancellations.

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Story summary

Exxon Mobil and Chevron posted lower Q1 earnings despite a 57% crude price rise after the U.S. and Israel attacked Iran.
Exxon’s net income fell 45% and it recorded a $4 billion hedge loss.
Chevron’s net income dropped 36% to $2.21 billion, and its adjusted EPS of $1.41 beat the $0.92 consensus.
U.S. gasoline prices rose to $4.39 per gallon, an 8% weekly jump that strains budgets and prompts airline cancellations.