ExxonMobil, Chevron profits jump on oil shock

ExxonMobil and Chevron reported large second-quarter profit increases on Friday as higher oil prices and record refining margins during the US-Iran war lifted results at the US oil majors.

ExxonMobil said profit more than doubled to $14.5 billion. Revenue rose 42% to $116 billion. The company said oil prices were higher but still “within historical ranges”, while refining margins reached record levels in the quarter. It cited a nearly 9% drop in global refining capacity because of war-related dislocations.

Chevron reported profit of $12.1 billion for the three-month period, more than five times the level a year earlier. The company said results benefited from higher crude prices, increased refining margins and increased upstream production after its July 2025 acquisition of Hess.

Both companies also reported negative effects from the war. ExxonMobil said damage to key liquefied natural gas assets in Qatar reduced output. Chevron said reduced petroleum output from the Partitioned Zone between Saudi Arabia and Kuwait and lower international refining runs dented results.

The results followed large profit increases at other petroleum companies after Iran's virtual shutdown of the Strait of Hormuz, a major route for crude oil and liquefied natural gas shipments. ExxonMobil returned $9.4 billion to investors during the quarter through dividends and share repurchases.

ExxonMobil shares fell 1.5% in pre-market trading, while Chevron dipped 0.3%.