ExxonMobil and Chevron Report Surging Profits Amid Rising Oil Prices
ExxonMobil (XOM) and Chevron (CVX) reported significant second-quarter profits driven by rising oil prices linked to the Iran war. Chevron's net income jumped nearly 400% year-over-year to $12 billion, with adjusted earnings of $6.06 per share exceeding Wall Street estimates. ExxonMobil posted a doubling in profit to $14.5 billion for the quarter and reported adjusted earnings of $3.52 per share, slightly below expectations. U.S. crude oil prices averaged $92.45 per barrel from April through June—a 27% increase over the previous quarter—boosting energy company revenues. Chevron's U.S. production hit an all-time high around 2 million barrels per day due to increased exports amid Middle East supply disruptions, while global output rose by 20%. Both companies highlighted strong performance in meeting global demand during a period of geopolitical tension.
Topics: corporate_earnings energy oil_prices