ExxonMobil, Chevron profits surge as oil prices rise

ExxonMobil and Chevron reported higher quarterly profits Friday as oil prices and refining margins rose during the US-Iran war.

ExxonMobil's profit was $15.4 billion, slightly more than double the $7.5 billion it made in the same period a year earlier. Chevron reported profit of $9.9 billion, up from $3.5 billion in the year-earlier quarter.

ExxonMobil said oil prices averaged about $85 a barrel during the period, roughly a third higher than in the 2025 quarter. Its refining margins reached $50.3 a barrel, almost three times the year-earlier level.

The company said refining capacity in Russia and the Middle East remained curtailed, with about 10 percent of global capacity offline. It said North American refineries ran at high rates but could not fully offset reduced global refining capacity.

ExxonMobil said crude unit utilisation at its US Gulf Coast refineries reached 100 percent as it sought to increase output of diesel and other products affected by tighter supplies.

Chevron said its profit rose in both its upstream and downstream businesses. Its downstream profit reached $4.9 billion, more than four times the year-earlier level.

Higher fuel prices and supply shortfalls have led to protests in parts of Asia, Latin America and Europe, AFP reported. In the United States, high gasoline and diesel prices have weighed on consumers ahead of next week's midterm elections.

The climate advocacy group 350.org called for permanent levies on what it described as exceptional oil industry profits, saying the money should go to consumers and help finance the energy transition.

ExxonMobil shares rose 2.0 percent in pre-market trading, while Chevron shares climbed 1.7 percent.