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. Wirth said the threat to oil supplies in the Middle East has expanded beyond the Strait of Hormuz at time when global inventories are falling. Iran's Houthi allies in Yemen have expanded the conflict to the Red Sea, which has become a crucial alternative route for Saudi Arabia's oil exports. "The situation is under stress and I'm afraid it's going to continue to do so," Wirth told CNBC. "We're tunning out of time. Every day that goes by, the situation gets more difficult." 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: 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. Chevron's earnings in its production business surged 200% to $8.2 billion in the second quarter compared to $2.7 billion in the year-ago period. Exxon's upstream profits came in at $7.9 billion. The segment reported earnings of $5.4 billion in the second quater of 2025.
🔥 EXCLUSIVE PARTNER OFFER
G-tab PAD10 PRO NEO Tablet, 10.1 inch 1280×800 Incell Display, Allwinner A537 Octa-Core 2.0GHz, 6GB RAM 128GB ROM, Android 15, 2.4GHz / 5GHz Dual Band WiFi, Bluetooth 5.0, 5MP + 13MP Camera, 6580mAh Battery, Type-C OTG
176.24
🎯 Best price guarantee! Order now and enjoy fast shipping with global tracking.
Affiliate link — Commission earned at no extra cost to you
© EcoNews DZ — Global Economic & Financial News
Comments
Post a Comment