Exxon, Chevron Q2 Profits Surge as Higher Oil Prices Boost Earnings Amid Middle East Supply Disruptions

ExxonMobil and Chevron posted sharply higher second-quarter profits as higher oil prices driven by Middle East supply disruptions boosted earnings. Chevron beat Wall Street expectations, while Exxon delivered record production despite a slight earnings miss.

ExxonMobil and Chevron reported significantly stronger second-quarter earnings on Friday, benefiting from higher crude oil prices and increased production as supply disruptions in the Middle East supported global energy markets.

Chevron posted net income of $12 billion, nearly four times the $2.5 billion reported in the same period last year. Adjusted earnings reached $6.06 per share, exceeding analysts' expectations of $5.56 per share, while revenue rose to $70 billion, above the $62 billion forecast by analysts surveyed by LSEG.

Exxon reported quarterly profit of $14.5 billion, more than doubling from approximately $7.1 billion a year earlier. The company generated adjusted earnings of $3.52 per share, slightly below analysts' estimate of $3.60, although revenue climbed to $116 billion, well ahead of expectations of $97.8 billion.

The results were supported by higher oil prices during the quarter, with U.S. crude averaging $92.45 per barrel between April and June, representing a 27% increase from the previous quarter.

Chevron also reported record domestic production of approximately 2 million barrels per day, while global output increased 20% year over year to 4 million barrels per day. Exxon said worldwide production reached 4.5 million barrels per day, with output in the Permian Basin hitting a record and upstream production reaching its highest level in more than two decades, excluding disruptions in the Middle East.

Higher fuel prices also strengthened refining earnings. Chevron's refining segment generated $4.9 billion in profit, a more than 500% increase from $737 million in the second quarter of 2025, supported by stronger gasoline and diesel margins.

Exxon's refining business earned $5.5 billion during the quarter, recovering from a $1.3 billion loss in the first quarter and significantly improving from $1.4 billion recorded a year earlier. The company attributed the turnaround to strong Gulf Coast refinery utilization and record diesel production.

In a televised interview following the earnings release, Chevron Chief Executive Mike Wirth said the company was performing strongly across its operations as global energy demand remained robust.

Following the results, Chevron shares rose about 1% in premarket trading, while Exxon shares declined nearly 2%, as investors assessed the companies' earnings relative to market expectations.

Comments (0)

You must be logged in to post comments.

No comments yet. Be the first to start the conversation!

Load More Comments