Exxon, Chevron Beat Profit Estimates on War

Exxon, Chevron Beat Profit Estimates on War

Bloomberg.com general

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.

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