Exxon, Chevron Beat Q1 Estimates Amid War-Driven Price Surge

Exxon Mobil Corp. and Chevron Corp., two of North Dakota's major Bakken Shale operators, reported stronger-than-expected first-quarter earnings, driven by surging oil and natural gas prices that outweighed production outages from the Iran war.

Exxon's profit, excluding one-time items, was $4.9 billion, or $1.16 per share, beating the average analyst estimate by 20 cents, according to Rigzone. Surging energy prices boosted the company's earnings by $1.7 billion, more than offsetting a $400 million impact from war-related production outages. Roughly 15% of Exxon’s worldwide output remains offline, Chief Financial Officer Neil Hansen said.

Chevron's adjusted per-share profit reached $1.41, which was 51 cents higher than analysts expected, Rigzone reported. The company benefited from surging prices for crude and gas, though its production dipped roughly 5% sequentially.

Both companies had warned Wall Street last month about negative impacts from the Middle East conflict, which led analysts to lower their estimates. The results surpassed those tempered expectations. However, the outlook for the rest of the year is uncertain, with both companies citing the continued blockage of the Strait of Hormuz.

“The global energy system continues to be under extreme stress,” Chevron Chief Executive Officer Mike Wirth said in an interview on CNBC.

For Bakken operations, the earnings beat highlights the complex dynamics shaping 2026. While international oil prices have advanced more than 50% since the conflict erupted in late February, the war is also disrupting global flows. Exxon, a leading producer in the Williston Basin, guided for average daily output equivalent to 4.9 million barrels this year but may revise that view.

“Part of the challenge with giving guidance is, as you would imagine, we really don’t know how long the Strait of Hormuz will remain closed,” Exxon's Hansen said, according to Rigzone. The closure prevents the company from selling crude and liquefied natural gas from the Middle East.

The financial performance of these integrated majors is a key indicator for the Bakken's economic landscape. Their ability to generate cash flow despite significant operational disruptions supports continued investment in stable, non-OPEC+ production basins like the Williston. However, the uncertainty injected into global markets and corporate planning underscores the volatile backdrop for all operators.

While earnings were strong, investor reaction was muted on the report day. Exxon’s shares dropped 0.8% in morning trading in New York, and Chevron fell 1%, even as the companies beat profit estimates, Rigzone reported.