Oil Giants' Profits Plummet, Gas Prices Soar

0:00On May 2nd, Exxon mobile in Chevron, the two biggest oil giants in the US, saw their first quarter profits drop big time, even as crude and gas. Prices shot up. Exxon pulled in 4.18 billion dollars, down from 7.7 billion last year, while Chevron made 2.21 billion off, from 3.5 billion. Blame it on hedges they set up early in the year when prices were low, which blew up after US and Israel strikes on Iran shut down the straight of. Hormuz. Those hedges locked in prices to dodge swings, but now oil can't get delivered so they can't cash in the gains yet. Shrip out those hits though, and both be Wall Street calls. Exxon at $1.16 per share, Chevron at $1.41. Revenue Crush Expectations 2, with Exxon at $85.14 billion, and Chevron at $48.61 Shares jumped this week ahead of the news. Gas prices hit $4.39 nationwide, the highest in years, sparking real pain for everyday folks.

1:04Inflation spiked in March, from the biggest gas jump in decades, hitting lower and middle income families hard on basics. Businesses fill it too. Airlines worldwide, canceling flights as jet fuel shortages drive up tickets. Exxon's output dipped to 4.6 million oil equivalent barrels per day from $5.00 million last quarter. CEO Darren Woods warned the market hasn't felt the full supply crunch yet, with oil still floating in transit. Meanwhile, BP's profits more than doubled this week. Oil prices dipped a bit, Friday, studying markets on the Mayday holiday, but if that straight stays closed, expect more turbulence ahead for energy and, while it's everywhere. Stay informed with Global News today, AI-powered updates.