Exxon and Chevron profits surge on rising oil prices due to Iran war

ExxonMobil and Chevron reported record profits in the second quarter due to skyrocketing oil prices caused by the Iran war. Chevron's net income jumped to $12 billion, nearly quadrupling to $2.5 billion from the same period last year. Exxon's profits increased to $14.5 billion, more than doubling from $7.1 billion in the same quarter last year.

Adjusted earnings for Chevron reached $6.06 per share, exceeding Wall Street's expectations, while Exxon's earnings per share of $3.52 fell short by 8 cents. CEO Mike Wirth of ExxonMobil attributed the discrepancy to refining business challenges and the uncertainty in global crude and products markets. Chevron's U.S. production reached an all-time high of nearly 2 million barrels per day, driven by increased exports due to disruptions in the Middle East. Worldwide production for ExxonMobil hit a record 4.5 million barrels per day.