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Exxon Mobil and Chevron reported quarterly results on Friday.
Exxon Mobil and Chevron's reported profits fell due to hedges disrupted by the Iran conflict.
KEY POINTS
- 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
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