The Main Points
- Chevron posted its largest quarterly profit ever at $12.1 billion, up nearly 400% from $2.5 billion a year earlier.
- ExxonMobil's profit more than doubled to $14.5 billion from $7.1 billion a year ago — its highest quarterly haul since 2022.
- Combined, the two companies reported $26.5 billion in second-quarter profit, driven largely by oil prices pushed higher by the ongoing U.S.-Iran conflict.
- Exxon's adjusted earnings of $3.52 per share narrowly missed estimates, which the company attributed to unpredictable pricing in its refining business.
- Shell also had a standout quarter, reporting nearly $10.8 billion in profit — more than double a year earlier and its second-highest quarterly result on record.