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The Chevron gas pumps on 4002 Southwest Freeway. Houston-based energy giants Exxon and Chevron saw profits surge as oil prices climb, while Texans continue paying higher prices at the pump.<\/p>\n
Octavia Johnson\/Houston Chronicle<\/p>\n
Two Houston-area oil giants <\/a>saw profits soar in the second quarter as global oil prices jumped amid the Iran war\u2014even as local drivers continue paying above $3.50 a gallon for gasoline.<\/p>\n ExxonMobil <\/a>and Chevron<\/a> reported billions in earnings Friday, benefiting from higher crude prices, record production and stronger refining margins as conflict in the Middle East <\/a>disrupted global energy markets.<\/p>\n Article continues below this ad<\/p>\n Exxon, <\/a>which is headquartered in Spring, reported $14.5 billion in second-quarter profits, more than double the roughly $7.1 billion it earned during the same period last year.<\/p>\n Chevron reported $12 billion in net income, a nearly 400 percent increase from the $2.5 billion it posted in the second quarter of 2025.<\/p>\n The companies’ results come as Houston-area drivers continue to feel the effects of higher energy costs. The average price for regular gasoline in the Houston area was about $3.64 per gallon Friday, according to AAA.<\/p>\n Oil prices climb amid Iran conflict<\/p>\n The jump in profits was fueled in part by rising crude prices after the Iran war disrupted global energy markets and raised concerns about potential supply shortages.<\/a><\/p>\n Article continues below this ad<\/p>\n According to Chevron’s second-quarter earnings report, U.S. crude oil futures averaged $92.45 per barrel in the second quarter, up 27 percent from the previous quarter.<\/p>\n Chevron CEO Mike Wirth said the company benefited from strong demand and increased production but warned that global energy markets remain under pressure as disruptions continue.<\/p>\n “We’re kind of firing on all cylinders, which is good, because the world needs it,” Wirth told CNBC on Friday.<\/p>\n Exxon production hits new highs<\/p>\n Aerial of Exxon Mobil Spring Campus, Tuesday, May 17, 2016, in Spring, Texas. ( Gary Coronado \/ Houston Chronicle ) ORG XMIT: MER2018013013144546<\/p>\n Gary Coronado\/Dallas Morning News<\/p>\n Exxon said its oil production reached its highest level in more than 20 years, excluding disruptions tied to the Middle East.<\/p>\n Article continues below this ad<\/p>\n The company’s operations in the Permian Basin\u2014one of the largest oil-producing regions in the world\u2014reached record output levels during the quarter.<\/p>\n Worldwide production totaled about 4.5 million barrels per day, while Chevron reported global production of about 4 million barrels per day.<\/p>\n Chevron’s U.S. production reached an all-time high of roughly 2 million barrels per day as exports increased amid global supply disruptions.<\/p>\n Refining profits surge<\/p>\n Both companies also saw major gains from their refining businesses, which turn crude oil into gasoline, diesel and other petroleum products.<\/p>\n Article continues below this ad<\/p>\n Chevron’s refining segment reported $4.9 billion in profits, up from $737 million during the same quarter last year.<\/p>\n Chevron profits exploded nearly 400% while Exxon more than doubled earnings to $14.5 billion. (AP Photo\/Ashley Landis)<\/p>\n Ashley Landis\/AP<\/p>\n Exxon’s refining business earned $5.5 billion, compared with a $1.3 billion loss in the first quarter.<\/p>\n Exxon CEO Darren Woods said the company’s earnings were affected by the difficulty of predicting prices during a period of major market volatility.<\/p>\n Article continues below this ad<\/p>\n “We have so much disruption,” Woods said during an interview with CNBC’s <\/a>“Squawk Box.”<\/p>\n Why gas prices don’t immediately follow oil profits<\/p>\n Smart, funny and sometimes unhinged look at the week that was.<\/p>\n By signing up, you agree to our Terms Of Use<\/a> and acknowledge that your information will be used as described in our Privacy Policy<\/a>.<\/p>\n While higher oil prices can boost energy company earnings, drivers typically do not see prices change at the pump overnight.<\/p>\n Article continues below this ad<\/p>\n Gasoline prices are affected by a variety of factors, including crude oil costs, refinery operations, transportation expenses, seasonal demand and taxes.<\/p>\n But crude oil remains the largest factor in gasoline prices, so prolonged increases in global oil prices can eventually push fuel costs higher for consumers.<\/p>\n","protected":false},"excerpt":{"rendered":"The Chevron gas pumps on 4002 Southwest Freeway. 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