Exxon, Chevron post Q2 profit jumps as oil war boosts prices
What's new: Chevron earned $12 billion and beat forecasts, while Exxon made $14.5 billion but missed on weaker refining results.
ExxonMobil and Chevron reported sharply higher second-quarter profit Friday as oil and fuel prices rose during the Iran war and broader disruption to Middle East supply routes. Chevron's net income climbed to $12 billion from $2.5 billion a year earlier, with adjusted earnings of $6.06 a share topping LSEG estimates of $5.56. Exxon earned $14.5 billion, up from about $7.1 billion a year ago, but its adjusted profit of $3.52 a share fell short of the $3.60 estimate. Revenue reached $116 billion at Exxon and $70 billion at Chevron. Chevron said U.S. production hit a record roughly 2 million barrels a day, while Exxon reported its highest upstream output in more than 20 years, excluding Middle East disruptions.