Exxon, Chevron’s Q1 Earnings Down 46%, 37% Despite Soaring Oil Prices
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Emmanuel Addeh in Abuja
Amid stalled crude oil deliveries and supply disruptions in the Middle East, oil giants, Exxon Mobil and Chevron have reported drops in profit in the first quarter of 2026 despite surging oil prices.
Exxon’s quarterly earnings fell to $4.2 billion from about $7.7 billion the same quarter last year, a decline of about 46 per cent, while Chevron’s profits fell to $2.2 billion from about $3.5 billion, down about 37 per cent. Still, both companies beat Wall S
Amid stalled crude oil deliveries and supply disruptions in the Middle East, oil giants, Exxon Mobil and Chevron have reported drops in profit in the first quarter of 2026 despite surging oil prices.
Exxon’s quarterly earnings fell to $4.2 billion from about $7.7 billion the same quarter last year, a decline of about 46 per cent, while Chevron’s profits fell to $2.2 billion from about $3.5 billion, down about 37 per cent. Still, both companies beat Wall S
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