What CEOs Are Saying: The Three US Oil Majors and the Hormuz Shock
Three earnings calls at Exxon, Chevron, and ConocoPhillips, with the world's largest oil supply disruption as the backdrop.
The Strait of Hormuz has been functionally closed for two months, and the market is now really feeling it. Oil already in transit when Iran shut the chokepoint has now been delivered, and strategic reserves have been drawn down. Commercial inventories are running low. The buffers that softened the early weeks of the disruption are gone, and prices are responding by heading upwards. US crude is near $106, Brent has touched $120, and Goldman is now forecasting Brent above $100 for the year if the strait stays closed even one more month.
On Friday, Exxon, Chevron, and ConocoPhillips reported first-quarter earnings within hours of each other, all speaking into the same disrupted market. Here’s what they said.
Exxon Mobil (XOM)
Q1 2026 Earnings Call
Results: solid, with earnings per share of $1.16 beating estimates by $0.15 on revenue of $85.1 billion, though net income fell 45% year over year.
Exxon is the largest US oil and gas company by revenue, pr…
