Story perspectives

Hormuz Near-Closure Halts Oil, Yet Exxon, Chevron Beat Forecasts

5/2/2026

Summary

Story summary

Near closure of the Strait of Hormuz halted oil deliveries, preventing Exxon Mobil and Chevron from realizing hedging gains.
Chevron and Exxon Mobil posted Q1 results that beat forecasts, with Chevron earning $2.21 billion and $1.41 per share and Exxon Mobil generating $85.14 billion revenue and $1.16 per share despite a $4 billion hedging loss.
CEO Darren Woods said the market has not yet felt the full Hormuz impact, noting high tanker inventories.

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Story summary

Near closure of the Strait of Hormuz halted oil deliveries, preventing Exxon Mobil and Chevron from realizing hedging gains.
Chevron and Exxon Mobil posted Q1 results that beat forecasts, with Chevron earning $2.21 billion and $1.41 per share and Exxon Mobil generating $85.14 billion revenue and $1.16 per share despite a $4 billion hedging loss.
CEO Darren Woods said the market has not yet felt the full Hormuz impact, noting high tanker inventories.