Exxon and Chevron profits surge on rising oil prices due to Iran war
Vessels transiting through the Gulf of Oman are pictured off the coast of Muscat on July 25, 2026.
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ExxonMobil and Chevron on Friday reported second-quarter profits that surged on rising oil prices due to the Iran war.
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.
“We’re kind of firing on all cylinders, which is good, because the world needs it,” CEO Mike Wirth told CNBC’s Becky Quick.
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.
Chevron shares were about 1% higher in premarket trading, while Exxon shares were down nearly 2%.
Here’s how Exxon and Chevron did, compared with estimates from analysts polled by LSEG:
- Exxon earnings per share: $3.52 adjusted, vs. $3.60 expected
- Exxon revenue: $116 billion, vs. $97.8 billion expected.
- Chevron earnings per share: $6.06 adjusted, vs. $5.56 expected
- Chevron revenue: $70 billion, vs. $62 billion expected.
U.S. crude oil futures had an average closing price of $92.45 per barrel from April through June, a 27% increase over the previous quarter.
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.
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.
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.
This is a developing story. Please check back for updates.
