Exxon and Chevron profits surge on rising oil prices due to Iran war
📰 source: cnbc_topnews · 💼 business
exxon and chevron reported second-quarter profits that surged on rising oil prices from the iran war. chevron's net income hit $12 billion, a nearly 400% jump from $2.5 billion a year earlier. adjusted earnings were $6.06 per share, beating wall street's $5.56 estimate. ceo mike wirth said "we're kind of firing on all cylinders, which is good, because the world needs it." exxon posted $14.5 billion in profits, double last year's $7.1 billion, though adjusted eps of $3.52 missed by 8 cents.
crude futures averaged $92.45 a barrel from april to june, up 27% from the prior quarter. chevron's u.s. production hit an all-time high near 2 million barrels a day, and global output rose 20% to 4 million bpd. exxon's worldwide production was 4.5 million bpd, with permian output a record. refining was the big swing factor: chevron's refining profits surged 500% to $4.9 billion, and exxon's refining swung from a $1.3 billion loss in q1 to $5.5 billion in q2.
why it matters: iran war-driven crude spike and refining margins pushed exxon and chevron profits to records, a direct signal for energy investors.
source: cnbc_topnews
sentiment: +0.70 · impact: 0.90