Exxon (XOM) and Chevron (CVX) Q1 Earnings Decline Amid War Impact

AI Summary

Exxon Mobil (XOM) reported a net income of $4.2 billion, or $1.00 per share, a 45% decline year-over-year. Chevron (CVX) posted a profit of $2.2 billion, or $1.11 per share, down 36% from the previous year. Both companies beat Wall Street estimates for adjusted earnings, with Exxon at $1.16 per share and Chevron at $1.41 per share. Oil prices surged 57% during the quarter due to the Iran war, causing significant supply disruptions, yet market reactions saw Exxon shares up over 1% and Chevron's gaining about 2% in premarket trading.