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

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  Hey, listeners, it's Tuesday, May 5th.

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  I'm Benoit Morin for The Wall Street Journal.

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

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  And well, it's been a roller coaster of a quarter for oil companies.

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  They entered it concerned about an oversupply of oil in global markets.

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  But the Iran war and the closure of the Strait of Hormuz mean the world is now short crude and other petroleum products.

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  Oil prices have jumped, and Exxon and Chevron both beat Wall Street's expectations.

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  But the big picture is murky.

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  The Trump administration and Iran are fighting for control of this trade,

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  and American producers do n't know how and when this ends.

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  And because they do n't know how sustainable the rising prices will be,

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  they 're not ready to pump much more oil than they are.

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  At least for now.

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