# Exxon Mobil and Chevron reported quarterly results on Friday.

*business · news · 2026-05-01 · The Philadelphia Inquirer*

## Key points

- Exxon and Chevron lost billions in Q1 due to hedges that backfired after attacks on Iran.
- Both companies cannot realize gains from hedges until physical oil delivery resumes through the Strait of Hormuz.
- Exxon's Q1 production dropped to 4.6 million barrels per day from 5 million last quarter.
- Chevron's adjusted profit beat expectations at $1.41 per share despite a $360 million legal reserve loss.
- Strait of Hormuz closure since late February has choked off 20% of global oil supply.

**Companies:** Exxon Mobil, Chevron
**Countries:** United States, Israel, Iran

[Read the full story on The Philadelphia Inquirer](https://www.inquirer.com/business/energy/big-oil-profits-iran-war-20260501.html)

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