Trending Now - Major US Oil Firms Report Earnings Dip Amid Rising Oil Prices
WHO:
CNN - ExxonMobil and Chevron are the two largest oil companies in the U.S.
ABC News - The U.S. and Israel launched attacks on Iran.
WHAT:
CNN - Analysts expect that if oil prices continue to rise, it could lead to the best year for ExxonMobil and Chevron since 2022, when the average US gas price reached a record $5.02 a gallon.
ABC News - The average price of gasoline in the U.S. hit $4.39, up more than 8% this week, according to motor club AAA.
CNN - The price of Brent crude rose to $111.23 per barrel, while U.S. benchmark crude added 12 cents to $105.19 per barrel.
CNN - The most actively traded Brent contract for delivery in July rose as high as $114.70 per barrel before settling at $110.40.
CNN - The peak price for the most actively traded Brent contract during the war has been $119.50, set last month.
Entrepreneur - The U.A.E. has quit OPEC to pump more oil, escaping production quotas that capped output at 3.2 million barrels a day.
CNN - Analysts expect both ExxonMobil and Chevron's profits to soar the rest of the year, with ExxonMobil's second-quarter earnings projected to more than double from a year ago and full-year earnings expected to climb 46%. Chevron profits are anticipated to more than triple in the current quarter and increase 56% for the year.
ABC News - The average price of gasoline in the U.S. hit $4.39, up more than 8% this week.
ABC News - Inflation in the U.S. rose sharply last month during the largest monthly jump in gas prices in six decades, according to data from the U.S. Department of Labor.
Alternet - Data from March found that "the median lower-income household" was spending 4.2 percent of its income on gas, which was up from 3.9 percent in 2025.
CNN - The average U.S. gas price rose to $4.39, up 47% since the start of the war in Iran.
ABC News - Exxon reported a net loss of almost $4 billion in the quarter due to “unfavorable estimated timing effects” of its hedges.
ABC News - Chevron's quarter included a $360 million net loss related to a legal reserve and foreign currency effects that lowered earnings by $223 million.
ABC News - First-quarter net production for Exxon was 4.6 million oil-equivalent barrels per day, down from 5 million in the previous quarter.
ABC News - Chevron's adjusted profit was $1.41 per share, beating the Wall Street estimate of 92 cents per share.
CNN - ExxonMobil reported a net income of $4.2 billion, down 46% from a year earlier.
CNN - Chevron reported a net profit of $2.2 billion, down 37% from a year earlier.
ABC News - Exxon earned $4.18 billion, or $1 per share, for the period ended March 31.
ABC News - Chevron reported a first-quarter profit of $2.21 billion, or $1.11 per share.
ABC News - Exxon’s revenue totaled $85.14 billion, exceeding Wall Street's expectation of $81.49 billion.
ABC News - Chevron's revenue totaled $48.61 billion, also better than expected.
CNN - Analysts expect ExxonMobil’s second-quarter earnings to more than double from a year ago and for full-year earnings to climb 46%.
CNN - Chevron profits are expected to more than triple in the current quarter and increase 56% for the year.
CNN - The current average U.S. gas price stood at $4.39, up 39 cents in just the last 9 days.
ABC News - The average price of gasoline in the U.S. hit $4.39, up more than 8% this week.
WHERE:
CNN - The Strait of Hormuz is a critical passage for oil, where about 20% of the world’s oil passes through on a typical day.
WHEN:
CNN - The war with Iran started on February 28.
ABC News - The period for Exxon’s earnings report ended on March 31.
WHY:
CNN - The closure of the Strait of Hormuz has led to a significant impact on global energy markets, contributing to higher oil prices.
CNN - The earnings drop for ExxonMobil and Chevron was attributed to financial derivatives trades that fell in value due to rising oil prices.
ABC News - The physical delivery of oil became impossible due to the near closure of the Strait of Hormuz after the attacks on Iran.
HOW:
CNN - U.S. crude oil inventories unexpectedly plunged by 6.2 million barrels last week, according to the Energy Information Administration.
ABC News - The physical delivery of oil became impossible due to the near closure of the Strait of Hormuz, affecting the ability to book gains on hedges until crude is physically delivered.
ABC News - Exxon and Chevron had arranged hedges to offset volatility, which backfired after the attacks on Iran.
(UPDATED May 2, 2026 11:10 UTC)
Analysts are predicting that rising oil prices could lead to a strong year for ExxonMobil and Chevron, reminiscent of 2022 when gas prices soared to an average of $5.02 a gallon. Currently, the average price of gasoline in the U.S. has climbed to $4.39, reflecting an increase of more than 8% this week, while Brent crude is trading at $111.23 per barrel. This surge in prices is largely attributed to the closure of the Strait of Hormuz, which has significantly impacted global energy markets, alongside a surprising drop in U.S. crude oil inventories by 6.2 million barrels last week.
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(UPDATED May 2, 2026 09:16 UTC)
The United Arab Emirates has officially exited OPEC, allowing the country to increase its oil production beyond the previous cap of 3.2 million barrels a day. This move comes as the UAE aims to boost its output and capitalize on the growing demand for oil. The decision marks a significant shift in the region's energy landscape as the UAE seeks greater control over its oil resources.
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(UPDATED May 1, 2026 23:15 UTC)
Analysts predict that both ExxonMobil and Chevron will see significant profit increases this year, with ExxonMobil's second-quarter earnings expected to more than double from last year and Chevron's profits anticipated to more than triple in the current quarter. Meanwhile, the average price of gasoline in the U.S. has surged to $4.39, reflecting an increase of over 8% just this week, contributing to a sharp rise in inflation during the largest monthly jump in gas prices in six decades. Additionally, data from March indicates that lower-income households are now spending 4.2 percent of their income on gas, up from 3.9 percent in 2025.
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(UPDATED May 1, 2026 17:13 UTC)
The average U.S. gas price has risen to $4.39, marking a 47% increase since the onset of the war in Iran. In the latest financial reports, Exxon faced a net loss of nearly $4 billion due to unfavorable timing effects on its hedges, while Chevron reported a $360 million net loss linked to legal reserves and foreign currency impacts, although its adjusted profit of $1.41 per share exceeded Wall Street's expectations of 92 cents. Compounding these challenges, the near closure of the Strait of Hormuz has made the physical delivery of oil nearly impossible, hindering the ability to realize gains on hedges until crude can be delivered.
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(UPDATED May 1, 2026 16:59 UTC)
ExxonMobil and Chevron, the two largest oil companies in the U.S., reported significant drops in their net incomes, with Exxon earning $4.2 billion and Chevron $2.2 billion, both down from the previous year. The attacks on Iran have led to a near closure of the Strait of Hormuz, making the physical delivery of oil impossible and impacting the companies' financial derivatives trades. Despite these challenges, analysts expect Exxon's second-quarter earnings to more than double from a year ago and Chevron's profits to more than triple in the current quarter, as the average U.S. gas price has risen to $4.39.