New York, May 1, 2026 (AFP) - Accounting effect of oil-price surge mutes ExxonMobil profits

NAMPA / AFP

2026-05-01

ExxonMobil reported Friday lower profits in the first quarter as the full benefits from surging oil prices amid the Middle East war were muted by an accounting effect. The petroleum giant reported profits of $4.2 billion, down 45.8 percent from the year-ago period. Profits would have been $8.8 billion excluding "timing effects" related to accounting for the sudden jump in commodity prices following Iran's closure of the Strait of Hormuz. ExxonMo......

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