Chevron and ExxonMobil reported Q2 profits of $12 billion and $14.5 billion, respectively, driven by rising crude prices amid Middle East tensions.
Chevron and ExxonMobil reported second-quarter earnings surging on higher oil prices tied to Middle East supply disruptions. Chevron’s net income jumped to $12 billion, a nearly 400% increase year-over-year, while Exxon’s profit doubled to $14.5 billion.
U.S. crude futures averaged $92.45 per barrel in Q2, up 27% from the prior quarter. Chevron’s production reached 4 million barrels per day, a 20% annual rise, with U.S. output hitting a record 2 million barrels per day.
Chevron’s adjusted earnings of $6.06 per share beat estimates by 50 cents, while Exxon’s $3.52 per share missed by 8 cents.