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ExxonMobil and Chevron Face Profit Decline Amid Rising Oil Prices

KVIA•Friday, May 1, 2026 at 11:54 AM•CNN Newsource

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ExxonMobil and Chevron, the largest oil firms in the U.S., reported significant profit declines for the first quarter of the year, with ExxonMobil's net income at $4.2 billion (down 46%) and Chevron's at $2.2 billion (down 37%). Despite these drops, analysts predict a substantial rebound in profits due to increasing oil prices, particularly influenced by the ongoing conflict in Iran. The average U.S. gas price has risen to $4.39, a 47% increase since the conflict began. Both companies are expected to see profits more than double in the second quarter and significantly increase for the full year, marking a potential return to their best financial performance since 2022.

Key Details: • ExxonMobil's net income fell to $4.2 billion; Chevron's to $2.2 billion. • Analysts expect ExxonMobil's second-quarter earnings to double and Chevron's to triple. • Current average U.S. gas price is $4.39, up 39 cents in 9 days. • The conflict in Iran has significantly impacted global oil prices.

exxonmobil oil-prices iran-war chevron profits

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