Chevron Beats Earnings Estimates Amid High Refining Margins, Exxon Misses Forecasts
US energy giant Chevron (CVX) reported second-quarter adjusted earnings of $6.06 per share, surpassing estimates of $5.57 and marking its highest quarterly net income since the Russian invasion of Ukraine in 2022. The company's refining operations were a key driver due to soaring crack spreads amid geopolitical tensions from an ongoing war in Iran that disrupted crude supply while demand for refined products remained high. In contrast, ExxonMobil (XOM) reported adjusted earnings per share of $3.52, below the expected $3.63, with refining profits falling short at $4.1 billion versus forecasts of $5.36 billion due to maintenance costs and other operational challenges. Chevron's shares rose 1.5% in premarket trading while Exxon’s fell by as much as 3%. European peers like Shell (SHEL) and TotalEnergies (TOTB.F) also reported strong results, with Shell exceeding estimates and Total narrowly missing but showing a significant year-on-year gain.
Topics: Chevron earnings report ExxonMobil geopolitical impact refining margins