Oil companies report profit drops

(CNN)– Exxon-Mobil and Chevron both reported a sharp drop in profits for the first quarter of the year which is likely to change going forward as oil prices rise amid the war with Iran.

Exxon-Mobil reported net income of $4.2 billion, a 46% drop from a year ago.

Chevron’s $2.2 billion net profit was a 37% drop year to year.

Despite the drop, both companies beat Wall Street forecasts for q-one, and analysts say profits are expected to soar going forward.