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Exxon Mobil and Chevron's profits dropped due to financial hedges tied to undelivered oil.
KEY POINTS
- The near closure of the Strait of Hormuz after February attacks has blocked physical oil delivery.
- Despite profit setbacks, both Exxon and Chevron reported revenue and adjusted profits above expectations.
- Chevron's earnings were negatively impacted by a $360 million legal reserve loss and foreign currency effects.
- Airlines have started canceling flights globally as jet fuel supplies are strained by Middle East conflict.
COMPANIES
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