Profit for the biggest US oil companies declined in the first quarter, but only on paper

Profit for the two largest oil companies in the U.S. tumbled during the first quarter, a three-month period in which the price of crude and gasoline rocketed higher. It’s a setback on paper only, however, the result of financial hedges that backfired after the U.S. and Israel launched attacks on Iran in late February. Exxon Mobil and Chevron reported quarterly results on Friday, with adjusted profits for both companies topping Wall Street expectations. The shares of both companies, up sharply this week, ticked higher before the opening bell.