ExxonMobil and Chevron reported significant profit declines in the first quarter of this year, but anticipate larger profits due to increasing oil prices linked to the ongoing war with Iran. Both companies exceeded Wall Street forecasts despite the downturn.
ExxonMobil's net income fell 46% to $4.2 billion, while Chevron's profit decreased 37% to $2.2 billion. The companies attributed their quarterly results to losses from financial derivatives trades affected by rising oil prices. Oil and gas prices surged following the onset of the war with Iran on February 28.