Chevron Reports Record Quarterly Profit as ExxonMobil Surpasses Earnings Amid Iran War Disruptions
Chevron reported its highest quarterly profit ever at $12.1 billion, while ExxonMobil and Shell also posted significant gains due to rising oil prices driven by supply disruptions from the war in Iran. The Strait of Hormuz's near closure has led to record refining margins and petrochemical profits for North American energy firms. Chevron CEO Mike Wirth expressed confidence that global fossil fuel demand will remain stable, though he noted uncertainty around China’s role as it reduces oil exports despite accelerating EV adoption. Meanwhile, ExxonMobil is optimistic about a resolution in the Middle East to restore critical supply routes and production facilities affected by conflict. The energy sector's strong performance has been fueled not only by geopolitical tensions but also by high U.S. oil output and LNG export growth. However, public criticism persists over rising consumer costs amid corporate profits.
Topics: Chevron energy profits ExxonMobil Iran war impact oil prices