Exxon Mobil and Chevron reported drops in profit in their first quarter despite surging oil prices, a result of stalled deliveries and supply disruptions in the Middle East.
Exxon’s quarterly earnings fell to $4.2bn from about $7.7bn the same quarter last year, a decline of about 46%, while Chevron’s profits fell to $2.2bn from about $3.5bn, down about 37%. Still, both companies beat Wall Street expectations.
