- The oil majors’ profits surged as oil prices rose due to the supply disruption in the Middle East caused by the Iran war.
- Chevron reported adjusted earnings of $6.06 per share, 50 cents higher than Wall Street’s estimates.
- Exxon posted adjusted earnings of $3.52 per share, missing estimates by 8 cents.
ExxonMobil and Chevron on Friday reported second-quarter profits that surged on rising oil prices due to the Iran war.
Chevron’s net income soared to $12 billion, a nearly 400% increase compared to $2.5 billion in the same period last year. Its adjusted earnings came in at $6.06 per share, 50 cents higher than Wall Street’s estimates.
“We’re kind of firing on all cylinders, which is good, because the world needs it,” CEO Mike Wirth told CNBC’s Becky Quick.
Exxon posted profits for the quarter of $14.5 billion, doubling compared to about $7.1 billion in the same quarter last year. It reported adjusted earnings of $3.52 per share, missing estimates by 8 cents.
Chevron shares were about 1% higher in premarket trading, while Exxon shares were down nearly 2%.
Here’s how Exxon and Chevron did, compared with estimates from analysts polled by LSEG:
- Exxon earnings per share: $3.52 adjusted, vs. $3.60 expected
- Exxon revenue: $116 billion, vs. $97.8 billion expected.
- Chevron earnings per share: $6.06 adjusted, vs. $5.56 expected
- Chevron revenue: $70 billion, vs. $62 billion expected.
U.S. crude oil futures had an average closing price of $92.45 per barrel from April through June, a 27% increase over the previous quarter.
Chevron’s U.S. production hit an all-time high of around 2 million barrels per day as exports surged due to the supply disruption in the Middle East. Production worldwide stood at 4 million barrels per day, a 20% increase over 3.4 million bpd in the same quarter last year.
Exxon’s upstream production hit its highest level in more than 20 years excluding disruptions in the Middle East. Output in the Permian Basin hit a record. Worldwide production came in at 4.5 million barrels per day.
Chevron’s refining segment saw profits surge to $4.9 billion, a 500% increase over $737 million in the second quarter of 2025 as gasoline and diesel prices surged due to the disruption in the Middle East.
Exxon’s refining business posted earnings of $5.5 billion in the second quarter quarter, a big turnaround from a loss of $1.3 billion in the first quarter on strong Gulf Coast utilization and record diesel production. The segment’s earnings stood at $1.4 billion in the year-ago period.
This is a developing story. Please check back for updates.
