Exxon Reports Lower Profit as Iran War Hits Production
Exxon Mobil reported net income of 4.2 billion dollars as the Iran war disrupted supply. Adjusted earnings beat estimates as Guyana output reached record highs.
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EXXON MOBIL CORP reported adjusted earnings of $1.16 per share, beating the consensus estimate of $1.00 despite net income falling 45.5% to $4.2B from $7.7B a year ago. Profit hit a five-year low as the Middle East conflict disrupted global supply chains and shuttered the Strait of Hormuz. High exposure to Middle East production leaves Exxon vulnerable to regional volatility compared to diversified European rivals.
