Exxon Profit Surprises Analysts Despite Iran War’s Tumult

Exxon Mobil Corp. outperformed expectations after oil-production increases from Guyana and the Permian Basin helped offset supply losses due to the Middle East war.

Adjusted first-quarter net income of $1.16 a share was 20 cents higher than the average analyst estimate in a Bloomberg survey. Although profit dropped to a five-year low of $4.9 billion, that figure included the impact of temporary accounting charges tied to derivative contracts that the company expects to fully unwind over the coming months.