Exxon, Chevron reap profit windfalls as Iran war drives up energy prices

Oil giants ExxonMobil and Chevron posted much stronger second-quarter profits as higher crude prices, driven by the conflict in Iran, boosted earnings.

Chevron reported net income of $12 billion, a 400% increase from $2.5 billion a year ago, while Exxon earned $14.5 billion, more than double its profit from the same period in 2025.

Chevron also beat Wall Street expectations, helped by record US oil production and strong refining results. CEO Mike Wirth warned that tensions in the Middle East continue to threaten global oil supplies, with disruptions spreading beyond the Strait of Hormuz into the Red Sea.

Exxon’s earnings fell slightly short of analysts’ forecasts because of unpredictable refining margins. CEO Darren Woods said market disruptions made fuel price movements difficult to predict.

Higher oil prices also lifted production and refining profits for both companies. Chevron stock moved up 1% after the Q2 results, while Exxon shares slipped 2% despite reporting strong overall earnings.