Exxon & Chevron Top Q1 Estimates as Profits Slide on Mid-East Disruptions
Both Exxon Mobil and Chevron beat Wall Street earnings estimates for Q1, even as underlying profits fell sharply. Exxon's net income dropped 36% to $2.2 billion — a five-year low — while Q1 profits overall fell 46% to $4.2 billion versus $7.7 billion a year ago, hurt by Middle East supply disruptions and derivative timing charges. Exxon's adjusted EPS of $1.41 still cleared the $0.95 consensus estimate by a wide margin, and production of crude and related liquids rose 5% year-over-year.
Beating estimates matters more than the headline profit decline here — energy stocks often trade on relative performance versus expectations, not absolute numbers. The 5% production growth and Permian expansion plans signal Exxon is investing for volume even as margins compress. Investors holding integrated oil majors or broad energy ETFs like XLE should note the tension between strong operational execution and a geopolitically fragile supply environment.
May 13-14: OPEC+ monitoring committee meeting, where production quotas could shift in response to ongoing Middle East tensions. Mid-May: Q1 earnings from BP and Shell will show whether profit pressure is industry-wide. June 4: Next OPEC+ full ministerial meeting on output policy.
- Exxon, Chevron Beat Earnings Estimates as Oil Prices Surge · Bloomberg
- Exxon Mobil in charts: Q1 crude oil, NGLs, bitumen, and synthetic oil production up 5%; upstream and energy products earnings decline · Seeking Alpha
- Chevron posted its lowest profit in 5 years despite beating earnings estimates · Quartz
- Chevron in charts: Q1 U.S. upstream production growth rate improves year-over-year · Seeking Alpha
- Exxon CEO Says Price Caps, Export Bans Will Worsen Energy Woes · Bloomberg
- Exxon and Chevron quarterly earnings fall despite soaring oil prices · The Guardian Business
- Exxon CEO expresses optimism on Venezuela despite prior criticism · Bloomberg
- Exxon targets Golden Pass train 2 mechanical completion by end of 2026 and 1.8 million Permian barrels per day in 2026 · Seeking Alpha
- Exxon CEO considers Venezuela deals, expresses optimism about developments · Investing.com
- Exxon Mobil CEO sees 'more to come' on price spikes from Iran war as Exxon, Chevron beat on earnings despite plunging profits · Fortune
- America's biggest oil companies are making less money than before the Iran war · MarketWatch
- UAE Departs OPEC as Iran Feel Economic Sting of Blockade · Bloomberg
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