# ExxonMobil and Chevron both reported a sharp drop in profit for the first three months of this year.

*business · news · 2026-05-01 · ABC17News.com*

## Key points

- ExxonMobil and Chevron reported quarterly profits that exceeded Wall Street forecasts despite sharp year-over-year declines.
- Both companies' profits were negatively impacted by derivatives trades losing value amid the oil price spike.
- Analysts project ExxonMobil's and Chevron's profits will surge through the rest of the year due to rising oil prices.
- ExxonMobil and Chevron's operations were not significantly disrupted by Iran's closure of the Strait of Hormuz.

**Companies:** ExxonMobil, Chevron
**Countries:** United States, Iran

[Read the full story on ABC17News.com](https://abc17news.com/money/cnn-business-consumer/2026/05/01/exxonmobil-and-chevron-earnings-fall-but-bigger-profits-are-on-their-way-because-of-soaring-oil-prices/)

---

Canonical: https://newsio.io/n/517aeecc-e0d9-47b2-8467-83b81888160b/exxonmobil-and-chevron-both-reported-a-sharp-drop-in-profit-for-the-first-three
Summarized by Newsio from ABC17News.com. https://newsio.io/how-it-works