Exxon and Chevron Beat Earnings, But the Iran War Left a Bigger Mark Than Oil Prices Show
Exxon Mobil and Chevron beat first-quarter earnings forecasts despite lower reported profits, citing disruptions from the Iran war. Exxon’s adjusted earnings reached $1.16 per share, while Chevron posted $1.41 per share. Exxon’s free cash flow was $2.7 billion; Chevron’s was negative $1.5 billion. Both companies said timing effects from unsettled oil shipments weighed on results.