Big U.S. Oil Giants Report Quarterly Profit Drop, Hedging Offsets Losses
Exxon Mobil and Chevron posted lower first‑quarter earnings in 2026, primarily due to depressed energy prices. Both companies had previously placed hedges to mitigate price volatility, which softened the impact on their financial results. PBS NewsHour notes the decline is largely on paper because the hedges offset much of the loss.