Exxon and Chevron Beat Estimates While Resisting Calls to Raise Oil Output
Exxon Mobil and Chevron both topped first-quarter profit estimates as higher oil and natural gas prices, oil-production increases from Guyana and the Permian Basin, and supplies from Chevron's Hess acquisition helped offset war-related disruptions in the Middle East. Exxon reported adjusted earnings of $1.16 a share on $85.14 billion of revenue and other income, beating estimates of 96 cents and $80.74 billion. Chevron posted adjusted earnings of $1.41 a share, above the 90-cent consensus, though revenue and other income of $48.61 billion missed expectations; worldwide production rose to 3.858 million barrels of oil equivalent a day.
The results come as the companies resist calls to raise oil output. Chevron said the Middle East conflict had limited impact on first-quarter production because less than 5% of its portfolio is in the region, kept 2026 guidance unchanged and said it remains on track to deliver $3 billion to $4 billion of structural cost reductions by year-end.
From the sources (14 posts)
@financialjuiceChevron Q1 2026 Earnings $CVX Adj EPS $1.41, est. 90c EPS $1.11 vs. $2 y/y Rev. & other income $48.61b, est. $50.61b Upstream earnings $3.91b, est. $3.5b Cash flow from ops $2.5b, est. $4.79b Worldwide production 3,858 mboe/d, est. 3,796 L
@businessChevron exceeds profit expectations as higher oil and natural gas prices, as well as supplies from the acquisition of Hess, outweighed production outages from the Iran war
@firstsquawkCHEVRON Q1 2026 -TOTAL REV & OTHER INCOME $48.61B (EST USD 52.08B) - ADJ EPS $1.41 (EST USD 0.95) -NET LOSS OF $360M RELATED TO LEGAL RESERVE INCLUDED IN QTR - NET OIL-EQUIVALENT PRODUCTION 3,858 MBOED - DIVIDEND $1.78 PER SHARE
@firstsquawkCHEVRON Q1 2026 -IN PARTITIONED ZONE, WE ARE OPERATING AT NEAR MINIMUM RATES TO MANAGE STORAGE -CONFLICT IN MIDDLE EAST HAD LIMITED IMPACT ON PRODUCTION IN QTR WITH LESS THAN 5% OF OUR PORTFOLIO LOCATED IN REGION -CONTINUE TO CLOSELY MONITO
@wallstengine$CVX Q1’26 EARNINGS HIGHLIGHTS 🔹 Revenue & Other Income: $48.61B (Est. $50.61B) 🔴 🔹 Adj. EPS: $1.41 (Est. $0.90) 🟢 🔹 EPS: $1.11; down from $2.00 YoY 🔹 Upstream Earnings: $3.91B (Est. $3.5B) 🟢 🔹 Worldwide Production: 3,858 MBOE/D (Est. 3,79
@financialjuiceExxon Q1 2026 Earnings $XOM Adj EPS $1.16, est. 96c EPS $1 Adj EPS excluding estimated timing effects $2.09 Total rev. & other income $85.14b, est. $80.74b Refinery throughput 3,494 kbd, est. 3,718 Production 4,594 koebd, est. 4,602
@zerohedgeEXXON 1Q ADJ EPS $1.16, EST. 96C
@chigrl$XOM is a beat *EXXON 1Q ADJ EPS $1.16, EST. 96C $CVX is a beat *CHEVRON 1Q ADJ EPS $1.41, EST. 90C
@businessExxon Mobil outperforms expectations after oil-production increases from Guyana and the Permian Basin helped offset supply losses due to the Middle East war
@ftExxon and Chevron defy Trump pressure to boost oil production
@cnbcExxon Mobil and Chevron earnings fall as Iran war disrupts oil shipments
@zerohedgeExxon & Chevron Shares Jump After Big Q1 Earnings Beat
@staunovoExxon and Chevron defy Trump pressure to boost oil production US supermajors stick to prewar strategies despite White House plea for more drilling to curb soaring petrol prices #oott
@oilheadlinenewsExxonMobil and Chevron have defied calls from the White House to increase oil production, resisting pressure from an administration that is struggling to end the biggest energy crisis in decades. - FT