Story perspectives

Exxon, Chevron Beat Forecasts Amid Hormuz Disruption, Gas Prices Surge

5/2/2026

Summary

Story summary

Hedge losses after attacks closed the Strait of Hormuz distorted Exxon Mobil and Chevron’s Q1 earnings, leading them to post adjusted profits above forecasts despite raw earnings falling.
Exxon posted $4.18 billion net income.
Chevron earned $2.21 billion and adjusted earnings of $1.41 per share after $360 million legal reserve and $223 million foreign-currency impacts.
U.S. gasoline prices rose to $4.39 per gallon, spurring inflation spikes and airline cancellations as jet-fuel supplies tightened.

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Story summary

Hedge losses after attacks closed the Strait of Hormuz distorted Exxon Mobil and Chevron’s Q1 earnings, leading them to post adjusted profits above forecasts despite raw earnings falling.
Exxon posted $4.18 billion net income.
Chevron earned $2.21 billion and adjusted earnings of $1.41 per share after $360 million legal reserve and $223 million foreign-currency impacts.
U.S. gasoline prices rose to $4.39 per gallon, spurring inflation spikes and airline cancellations as jet-fuel supplies tightened.