Exxon, Chevron Beat Profit Estimates on War
Key Points:
- Exxon Mobil and Chevron surpassed profit estimates due to rising oil and natural gas prices driven by the Iran war.
- Exxon’s first-quarter earnings increased by $1.7 billion, offsetting a $400 million loss from production outages linked to the conflict.
- Approximately 15% of Exxon’s global production is still offline as a result of war-related disruptions, according to CFO Neil Hansen.