Exxon and Chevron Q1 2026 Earnings Drop Despite Higher Oil Prices
Exxon Mobil (XOM) and Chevron (CVX) posted significant drops in Q1 2026 earnings, impacted by disruptions from the Iran war. Although oil prices surged, operational challenges weighed on profits. Both companies expect improvement later in the year.
Key Numbers
Exxon Mobil (XOM) and Chevron (CVX) reported sharp declines in first-quarter 2026 earnings, citing disruptions from the Iran war that affected production and increased costs. Despite higher oil prices, the companies struggled to maintain profitability due to operational hurdles.
Key Financial Results
| Metric | Exxon Mobil | Chevron |
|---|---|---|
| Revenue | Not disclosed | Not disclosed |
| Net Profit | Significant decline (not disclosed) | Significant decline (not disclosed) |
| EPS | Not disclosed | Not disclosed |
Highlights from the Statements
Both companies attributed the decline to disrupted operations in certain oil fields due to the war, higher insurance and transportation costs. Exxon also noted that sanctions related to Iran impacted supply chains.
Forward Guidance
No specific numerical guidance was provided, but both companies indicated expectations of improved earnings in the second half of the year as geopolitical conditions stabilize and oil prices remain elevated.
Impact on Stock
Exxon Mobil shares fell 2.3% in after-hours trading, while Chevron dropped 1.8%. Analysts view the decline as temporary.
What This Means for Investors
Despite the current downturn, long-term investors may see an opportunity as both companies are likely to benefit from sustained high oil prices due to geopolitical tensions. However, volatility remains a risk.
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