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ExxonMobil and Chevron both reported a sharp drop in profit for the first three months of this year.
ExxonMobil and Chevron reported quarterly profits that exceeded Wall Street forecasts despite sharp year-over-year declines.
KEY POINTS
- 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
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