Exxon Beats Amid Hormuz Shock

Exxon is navigating a storm on multiple fronts: profits beat expectations but are down nearly 50% year over year, squeezed by undelivered cargoes and a Middle East supply shock that’s far from over. With the Strait of Hormuz still no sure thing, CEO Darren Woods warns the worst may not be behind us. Production slipped 6–8% in the first quarter, and Exxon is keeping spending tight, pushing its refineries and chemicals plants harder to cash in on today’s high prices—even if that means risking unplanned outages down the line.

But here’s the catch: while Exxon banks on short-term scarcity, it’s also plotting a dramatic return to Venezuela nearly two decades after swearing off the country as “uninvestable.” A deal could give Exxon access to up to six heavy-oil fields, but the risk of new contract disputes looms large. Meanwhile, competitors like Chevron—until now the only major U.S. player in Venezuela—could see their edge eroded, and OPEC+ unity may be tested as the global oil chessboard shifts.

Expect actionable insight from reporting and executive calls, with perspective from Darren Woods and CFO Neil Hansen. This episode dives into the delicate balance Exxon faces: squeezing today’s margins without sacrificing tomorrow’s stability, while betting big on both old and new frontiers.

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