Oil Giants' Profits Plummet, Gas Prices Soar
Global News Today | 2 Min News | The Daily News Now!
- Published
- May 2, 2026
- Duration
- 1:49
- Summary source
- description
- Last updated
- May 2, 2026
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Summary
Exxon Mobil and Chevron, the U.S.s largest oil giants, reported significant drops in Q1 profits due to hedging losses from the Iran strikes. Despite this, both companies beat Wall Street expectations on earnings and revenue. Gas prices soared to record highs, causing inflation and straining businesses. Exxons output decreased, and CEO Darren Woods warned …
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Exxon Mobil and Chevron, the U.S.s largest oil giants, reported significant drops in Q1 profits due to hedging losses from the Iran strikes. Despite this, both companies beat Wall Street expectations on earnings and revenue. Gas prices soared to record highs, causing inflation and straining businesses. Exxons output decreased, and CEO Darren Woods warned of further supply crunch. BPs profits surged. Oil prices dipped briefly, but uncertainty looms if the Strait of Hormuz remains closed. Support
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