Exxon Mobil and Chevron earnings fall as Iran war disrupts oil shipments
Exxon Mobil and Chevron reported significantly lower quarterly profits compared to the previous year despite a 57% surge in oil prices caused by the Iran war disrupting global supply. Exxon's net income fell 45% and Chevron's dropped 36%, though both companies saw their shares rise slightly in premarket trading. The decline was largely due to unfavorable financial hedges related to disrupted oil shipments, with Exxon losing nearly $4 billion and Chevron taking a $2.9 billion hedge-related charge.
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Surging oil prices due to the Iran war did not result in a windfall for Exxon Mobil and Chevron in the first quarter. The two biggest U.S. oil companies reported profits on Friday that fell dramatically compared to the same period last year. Exxon's net income declined 45% while Chevron's tumbled 36%. Exxon shares were up more than 1% in premarket trading, while Chevron's gained about 2%. Oil prices had been depressed during the first two months of the year as the market anticipated a surplus, but suddenly spiked after the U.S. and Israel attacked Iran on Feb. 28.
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