ExxonMobil and Chevron delivered sharply higher second-quarter earnings Friday, capitalizing on rising oil prices driven by the war in Iran that has disrupted global supply chains.
Chevron reported net income of $12 billion for the quarter, a nearly 400% jump from $2.5 billion in the same period last year. The company’s adjusted earnings of $6.06 per share beat Wall Street expectations by 50 cents.
“We’re kind of firing on all cylinders, which is good, because the world needs it,” Chevron CEO Mike Wirth told CNBC’s Becky Quick.
ExxonMobil posted quarterly profits of $14.5 billion, doubling from approximately $7.1 billion a year earlier. However, the company’s adjusted earnings of $3.52 per share fell 8 cents short of analyst estimates.
Investors reacted differently to the two reports. Chevron shares rose about 1% in premarket trading, while Exxon shares declined nearly 2%.
Oil Prices Climb on Supply Disruptions
U.S. crude oil futures averaged $92.45 per barrel from April through June, representing a 27% increase over the previous quarter, according to CNBC. The price surge reflects tightening global supplies as conflict in the Middle East has disrupted output from the region.
Both companies saw production gains during the quarter. Chevron’s U.S. production reached an all-time high of around 2 million barrels per day as exports surged in response to Middle Eastern supply disruptions. The company’s worldwide production stood at 4 million barrels per day, a 20% increase from 3.4 million barrels per day in the same quarter last year.
ExxonMobil’s upstream production hit its highest level in more than 20 years, excluding disruptions in the Middle East. The company achieved record output in the Permian Basin, with worldwide production reaching 4.5 million barrels per day.
Refining Margins Expand
Chevron’s refining segment delivered particularly strong results, with profits surging to $4.9 billion—a 500% increase over $737 million in the second quarter of 2025. The gains came as gasoline and diesel prices climbed in response to Middle Eastern supply disruptions.
The earnings reports underscore how major oil producers are benefiting from geopolitical tensions that have tightened global energy markets. Both companies have ramped up production to help fill supply gaps created by the conflict, while also capturing higher margins on refined products as fuel prices have risen.
Source: www.cnbc.com — https://www.cnbc.com/2026/07/31/exxon-xom-chevron-cvx-q2-earnings.html
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