What’s News in Earnings: Oil Companies Look Forward to a Windfall
5/5/20266 min
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
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First 90 secondsMike Wirth· Soundbite0:00
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Benoît Morenne· Host0:29
[upbeat music] Hey, listeners. It's Tuesday, May 5th. I'm Benoit Morin for The Wall Street Journal. And this is What's News in Earnings, our look at some of the biggest themes standing out this earnings season. And, uh, well, it's been a roller coaster of a quarter for oil companies. They entered it concerned about an oversupply of oil in global markets, but the Iran war and the closure of the Strait of Hormuz mean the world is now short crude and other petroleum products. Oil prices have jumped, and Exxon and Chevron both beat Wall Street's expectations. But the big picture is murky. The Trump administration and Iran are fighting for control of the strait, and American producers don't know how and when this ends. And because they don't know how sustainable the rise in prices will be, they're not ready to pump much more oil than they are, at least for now.