# Exxon Mobil and Chevron reported quarterly results on Friday.

*business · news · 2026-05-01 · NewsBreak*

## Key points

- Exxon Mobil and Chevron's reported profits fell due to hedges disrupted by the Iran conflict.
- Both companies exceeded adjusted profit and revenue expectations despite headline losses from hedging positions.
- Physical oil deliveries through the Strait of Hormuz have been obstructed since February, impacting hedge settlements.
- Chevron's quarterly results included a $360 million legal reserve loss and $223 million from currency effects.
- U.S. gasoline prices surged over 8% this week to $4.39 per gallon, fueling inflation.

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

[Read the full story on NewsBreak](https://www.newsbreak.com/pbs-newshour-513240/4624668915527-profit-for-the-biggest-u-s-oil-companies-declined-in-1st-quarter-but-only-on-paper)

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