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.
LUMA Energy is proposing a credit program aimed at helping residential housing developers offset potential increases in construction costs tied to updated engineering standards required by the company, according to information reported by Metro Puerto Rico. Reinaldo Baretty Huertas, LUMA’s director of engineering standards, said the proposed credits would be tied to a project’s contribution […]
The Government of Puerto Rico and the Public-Private Partnerships Authority filed motions before the Puerto Rico Supreme Court as part of ongoing efforts to invalidate the extension of LUMA Energy’s supplemental contract, according to information reported by Metro Puerto Rico. The image was captured from LUMA Energy’s social media platforms.
The Financial Oversight and Management Board approved several battery storage contracts for the Puerto Rico Electric Power Authority aimed at strengthening grid reliability. In the image, workers repair an electrical facility in a photo shared on Luma’s social media platforms. (Image: Luma photo capture)
