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🇻🇪 Venezuela /Economy & Trade

Exxon, Chevron Beat Wall Street Expectations Despite Profit Plunge

From El Nacional · (23m ago) Spanish Critical tone

Translated from Spanish, summarized and contextualized by DistantNews.

TLDR

  • ExxonMobil and Chevron reported significant profit drops in Q1 2026 due to volatile oil prices and the conflict in Iran.
  • Both companies exceeded Wall Street's earnings per share expectations despite the downturn.
  • ExxonMobil sees potential for expansion in Venezuela, citing its vast resources and the company's technological advantage in processing heavy crude.

The titans of the U.S. oil industry, ExxonMobil and Chevron, have unveiled their first-quarter 2026 earnings, revealing substantial declines in profitability. This downturn is largely attributed to the turbulent oil price environment and the disruptive impact of the ongoing conflict in Iran. Despite these headwinds, both energy giants managed to outperform Wall Street's earnings per share forecasts, showcasing a degree of resilience in their operations.

ExxonMobil y Chevron, las dos principales petroleras de Estados Unidos, reportaron este viernes fuertes caídas en sus beneficios durante el primer trimestre de 2026.

— El NacionalReporting the significant profit drops for ExxonMobil and Chevron in Q1 2026.

ExxonMobil's profits plummeted by 45.8% year-on-year, while Chevron saw a 36.8% decrease. These figures were further impacted by accounting effects related to the conflict, which notably affected ExxonMobil's results. The war's disruption to production, particularly concerning the Strait of Hormuz, poses a significant challenge, with potential for further production cuts if the waterway remains closed.

La volatilidad de los precios del crudo y el impacto de la guerra en Irán golpearon sus resultados, aunque ambas superaron las expectativas de Wall Street en ganancias por acción.

— El NacionalExplaining the reasons for the profit decline and exceeding Wall Street expectations.

Despite the challenging quarter, ExxonMobil's CEO, Darren Woods, emphasized the company's strengthened position and preparedness for crisis environments. Looking beyond the immediate results, Woods expressed significant optimism about Venezuela's potential, describing it as an "immense resource" that is becoming more accessible. ExxonMobil believes it is uniquely positioned to leverage its technological expertise in processing heavy Venezuelan crude, anticipating a key role in bringing these barrels to the global market. This strategic outlook suggests a long-term vision focused on capitalizing on emerging opportunities, even amidst current market volatility.

Efectos contables vinculados al conflicto restaron aproximadamente 3.900 millones de dólares al beneficio de Exxon debido al desfase entre la valoración de derivados y la contabilización de las entregas físicas asociadas.

— El NacionalDetailing the accounting effects impacting ExxonMobil's profits due to the conflict.
DistantNews Editorial

Originally published by El Nacional in Spanish. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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