Exxon and Chevron Q1 Earnings Plummet Despite Oil Surge

In the first quarter of 2026, Exxon Mobil and Chevron reported substantial drops in profits despite rising oil prices. Exxon’s quarterly earnings fell to $4.2 billion, a 46% decline from $7.7 billion in the same quarter last year.

Chevron’s profit decreased to $2.2 billion, down 37% from $3.5 billion. Both companies exceeded Wall Street expectations but cited disruptions in crude oil deliveries from the Middle East as a contributing factor.

Exxon reported an adjusted profit of $8.8 billion when excluding certain effects, while Chevron noted a total impact of $3 billion for the quarter. Darren W.

Wood, Exxon’s Chair and Chief Executive Officer, emphasized the volatility in the market and the importance of managing inventory until delivery, which defers profit recognition. Despite the current downturn, both companies anticipate reaping benefits from soaring oil prices, which have reached levels not seen since 2022, amid ongoing geopolitical tensions, particularly related to Iran.