Austin, U.S. — U.S. oil companies ExxonMobil and Chevron reported sharp declines in profits for the first quarter of 2026, affected by oil price volatility and the impact of the Iran conflict.
ExxonMobil reported net income of $4.18 billion, down 45.8% from last year, while Chevron posted $2.21 billion, a 36.8% drop.
Exxon’s results were impacted by accounting effects linked to derivatives tied to the conflict, reducing profits by about $3.9 billion. Still, the company beat Wall Street expectations in revenue, reaching $85.1 billion.
CEO Darren Woods said about 15% of the company’s production is exposed to the conflict. He warned that if the Strait of Hormuz remains closed, production in the Middle East could drop by 750,000 barrels per day.
Chevron reported revenue of $48.6 billion, supported by a 15% increase in production, driven by its Hess acquisition and stronger activity in the U.S. CEO Mike Wirth said the company is less exposed to the conflict than others.
Both companies beat earnings-per-share expectations, even in a challenging environment.
Exxon is also looking at possible expansion in Venezuela, which could offer new opportunities in the global energy market.
Javier Rúa Jovet, director of public policy at the Puerto Rico Solar Energy and Storage Association (SESA), said the proposed rate structure penalizes low-energy consumers and those investing in solar solutions, disproportionately affecting vulnerable populations and diverging from Puerto Rico’s public energy policy.
House Speaker Carlos “Johnny” Méndez Núñez said a forthcoming proposal to eliminate Puerto Rico’s gasoline tax—known as the “crudita”—would not be offset by new taxes, but by adjustments within the existing budget.
