Exxon, Chevron’s Q1 Earnings Down 46%, 37% Despite Soaring Oil Prices

ExxonMobil and Chevron reported significant declines in their first-quarter earnings for the year. Exxon's profits fell by 46 percent, while Chevron experienced a 37 percent decrease. These results occurred despite high global oil prices, indicating that factors other than crude costs influenced the financial performance of these major energy companies.