Exxon and Chevron profits surge on rising oil prices due to Iran war
Adjusted earnings rose to $12 billion as higher oil prices, record U.S. output and cost savings lifted upstream and refining results.
- ExxonMobil and Chevron reported blowout second-quarter earnings, capturing a combined $26.5 billion in profit as they capitalized on surging crude and fuel prices.
- The soaring profits were primarily driven by unprecedented energy supply shocks and high market volatility caused by the ongoing military conflict involving Iran, which has severely restricted shipping routes like the Strait of Hormuz.
- ExxonMobil's net income for the quarter doubled to $14.53 billion, marking its strongest quarterly performance since the 2022 invasion of Ukraine triggered a similar global energy shock.
- Chevron nearly quadrupled its net income to $12.07 billion, hitting a six-year profit high fueled by robust downstream refining margins and record-setting oil output within the United States.
- The oil giants' massive windfalls have intensified political friction with U.S. President Donald Trump, who has publicly accused the fossil fuel industry of price gouging as domestic gasoline prices surge past $4 a gallon ahead of the midterm elections.
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Chevron records highest quarterly profit in six years | Honolulu Star-Advertiser
HOUSTON >> Chevron surpassed analyst estimates for second-quarter earnings today, reporting its highest quarterly profit in at least six years as the U.S.-Israeli war with Iran disrupts world energy markets, boosting profits for the biggest oil companies.
The U.S. oil tanker saw its net results multiplied by five in the second quarter with $12 billion, driven by the conflict in the Middle East with the rise in fuel prices.
Iran War Drives Oil Profits to Highest Levels in Years
The world’s biggest oil companies are benefiting from the high commodity prices that have been a drag on the rest of the economy. Source link : https://www.nytimes.com/2026/07/31/business/energy-environment/exxon-chevron-earnings-iran-war.html Author : Rebecca F. Elliott Publish date : 2026-07-31 14:23:00 Copyright for syndicated content belongs to the linked Source.
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