Overview

• Exxon Mobil reported $7.71 billion in Q1 profit, a 6% year-on-year decline, but exceeded Wall Street expectations of $1.73 earnings per share with $1.76 per share.
• Chevron posted $3.8 billion in adjusted earnings, aligning with analyst forecasts, and saw a significant recovery in its refining business after a prior-quarter loss.
• Both companies emphasized production growth, with Exxon benefiting from increased output in Guyana and the Permian Basin, while Chevron expanded operations in Tengiz and the U.S. Gulf of Mexico.
• Shareholder returns remained robust, with Exxon distributing $9.1 billion through dividends and buybacks, and Chevron reaffirming plans to repurchase $11.5 to $13 billion in shares for 2025.
• Lower crude prices, influenced by U.S. tariffs and global demand concerns, posed challenges, but cost-cutting measures and strategic expansions helped mitigate the impact.