Chevron, Exxon Post Higher Profits On Rising Crude Prices

ExxonMobil and Chevron reported sharply higher second-quarter profits as rising oil prices fueled by the Iran conflict boosted earnings for the two US energy giants, according to the report.

The report said Chevron's net income climbed to $12 billion, nearly four times higher than a year earlier, while adjusted earnings exceeded Wall Street expectations.

Exxon posted quarterly profits of $14.5 billion, roughly double the level reported in the same period last year, although its adjusted earnings narrowly missed analyst forecasts.

Chevron also reported record US production of about 2 million barrels per day, while global output increased to 4 million barrels per day. Chief Executive Mike Wirth said the company is performing strongly as global demand remains robust.

The report said investors responded with Chevron shares rising before the opening bell, while Exxon shares declined modestly.

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Exxon and Chevron profits surge on rising oil prices due to Iran war https://t.co/WsiMrCDFlp

— CNBC (@CNBC) July 31, 2026

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Oil Prices Steady As Hormuz Traffic Gradually Recovers

According to Commonwealth Bank of Australia, shipping through the Strait of Hormuz has recovered to about 30% to 35% of pre-conflict levels.

tippinsightsTIPP Staff