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WSJ What’s News

What’s News in Earnings: Oil Companies Look Forward to a Windfall

WSJ What’s News

The Wall Street Journal

Daily News, News

4.14.2K Ratings

🗓️ 5 May 2026

⏱️ 6 minutes

🧾️ Download transcript

Summary

Bonus Episode for May 5. Financial results from U.S. oil companies Exxon Mobil, Chevron and ConocoPhillips show how oil companies expect to reap the benefits of a surge in oil prices due to the Iran war. Wall Street Journal oil reporter Collin Eaton discusses why that doesn’t necessarily mean more investment in the oil patch. Benoît Morenne, who covers the oil-and-gas industry, hosts this special bonus episode of What's News in Earnings, where we dig into companies’ earnings reports and analyst calls to find out what’s going on under the hood of the American economy. Sign up for the WSJ's free Markets A.M. newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

I think the potential of Agenic is to rethink how work gets done overall.

0:05.0

It challenges all sorts of traditional orthodoxies around how organizations execute the work at hand.

0:11.3

That's Jason Gersatus, CEO of Deloitte U.S., talking about the transformational potential of A.Gentic AI.

0:17.9

Join him later to learn why agents are a game changer for businesses across industries.

0:27.1

Hey listeners, it's Tuesday, May 5th. I'm Benoit, Moran, for the Wall Street Journal.

0:32.5

And this is what's news in earnings, or look at some of the biggest themes standing out this

0:36.7

earnings season. And, well, it's been a roller coaster of a quarter for oil companies. They entered it concern

0:43.6

about an oversupply of oil in global markets, but the Iran war and the closure of the Strait

0:49.0

of Aramuz mean the world is now short, crude, and other petroleum products. Oil prices of jumps and

0:56.8

Exxon and Chevron both beat Wall Street's expectations. But the big picture is murky. The Trump

1:04.6

administration and Iran are fighting for control of this trade and American producers don't know

1:10.3

how and when this ends. And because producers don't know how and when this ends.

1:12.7

And because they don't know how sustainable the rising prices will be, they're not ready

1:17.1

to pump much more oil than they are, at least for now.

1:24.0

We're joined now by Wall Street Journal Energy reporter Colin Eaton, who covers big oil.

1:29.7

So, Colin, oil prices surged this quarter on the back of the Iran War.

1:35.6

Did that translate into a windfall for Exxon, Sheron, and the other majors?

1:40.0

So it definitely patted their caste position.

1:44.1

Exxon, for example, the cash flow from its operations in places like West Texas and Guyana, that all added up to almost $14 billion.

1:56.4

That's higher than the company's quarterly average for the past three years.

2:00.8

And higher oil and gas prices definitely will keep boosting their profits as long as the

2:07.9

straight of her moves is blocked.

...

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