{"id":568542,"date":"2026-07-31T11:50:09","date_gmt":"2026-07-31T11:50:09","guid":{"rendered":"https:\/\/www.newsbeep.com\/il\/568542\/"},"modified":"2026-07-31T11:50:09","modified_gmt":"2026-07-31T11:50:09","slug":"exxon-and-chevron-profits-surge-on-rising-oil-prices-due-to-iran-war","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/il\/568542\/","title":{"rendered":"Exxon and Chevron profits surge on rising oil prices due to Iran war"},"content":{"rendered":"

Vessels transiting through the Gulf of Oman are pictured off the coast of Muscat on July 25, 2026. <\/p>\n

– | Afp | Getty Images<\/p>\n

ExxonMobil<\/a> and Chevron<\/a> on Friday reported second-quarter profits that surged on rising oil prices due to the Iran war. <\/p>\n

Chevron’s net income soared to $12 billion, a nearly 400% increase compared to $2.5 billion in the same period last year. Its adjusted earnings came in at $6.06 per share, 50 cents higher than Wall Street’s estimates.<\/p>\n

“We’re kind of firing on all cylinders, which is good, because the world needs it,” CEO Mike Wirth told CNBC’s Becky Quick. <\/p>\n

Exxon posted profits for the quarter of $14.5 billion, doubling compared to about $7.1 billion in the same quarter last year. It reported adjusted earnings of $3.52 per share, missing estimates by 8 cents. <\/p>\n

Chevron shares were about 1% higher in premarket trading, while Exxon shares were down nearly 2%.<\/p>\n

Here’s how Exxon and Chevron did, compared with estimates from analysts polled by LSEG:<\/p>\n

Exxon earnings per share: $3.52 adjusted, vs. $3.60 expectedExxon revenue: $116 billion, vs. $97.8 billion expected.Chevron earnings per share: $6.06 adjusted, vs. $5.56 expectedChevron revenue: $70 billion, vs. $62 billion expected. <\/p>\n

U.S. crude oil futures<\/a> had an average closing price of $92.45 per barrel from April through June, a 27% increase over the previous quarter.<\/p>\n

Chevron’s U.S. production hit an all-time high of around 2 million barrels per day as exports surged due to the supply disruption in the Middle East. Production worldwide stood at 4 million barrels per day, a 20% increase over 3.4 million bpd in the same quarter last year. <\/p>\n

Exxon’s upstream production hit its highest level in more than 20 years excluding disruptions in the Middle East. Output in the Permian Basin hit a record. Worldwide production came in at 4.5 million barrels per day.<\/p>\n

Chevron’s refining segment saw profits surge to $4.9 billion, a 500% increase over $737 million in the second quarter of 2025 as gasoline and diesel prices surged due to the disruption in the Middle East. <\/p>\n

Exxon’s refining business posted earnings of $5.5 billion in the second quarter quarter, a big turnaround from a loss of $1.3 billion in the first quarter on strong Gulf Coast utilization and record diesel production. The segment’s earnings stood at $1.4 billion in the year-ago period. <\/p>\n

This is a developing story. Please check back for updates.<\/p>\n

Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Vessels transiting through the Gulf of Oman are pictured off the coast of Muscat on July 25, 2026.…\n","protected":false},"author":2,"featured_media":568543,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[178109,238343,941,357,35951,3150,3313,1435,173675,242,31011,42,151396,190,43,16755,173676,40,38,41,39,1032,256422,30938],"class_list":["post-568542","post","type-post","status-publish","format-standard","has-post-thumbnail","category-headlines","tag-lco26u","tag-lco26z","tag-breaking-news-markets","tag-business-news","tag-chevron-corp","tag-dividends","tag-earnings","tag-energy","tag-energy-select-sector-spdr-fund","tag-environment","tag-exxon-mobil-corp","tag-headlines","tag-ishares-u-s-energy-etf","tag-markets","tag-news","tag-oil-and-gas","tag-spdr-sp-oil-gas-exploration-production-etf","tag-top-news","tag-top-stories","tag-topnews","tag-topstories","tag-united-states","tag-vanguard-energy-index-fund-etf-shares","tag-wti-crude-sep25"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/568542","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/comments?post=568542"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/568542\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media\/568543"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media?parent=568542"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/categories?post=568542"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/tags?post=568542"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}