Aug. 1 at 2:03 AM
ExxonMobil and Chevron reported sharply higher Q2 profits as rising oil prices, fueled by supply disruptions from the Iran war, lifted earnings across both production and refining operations. Chevron delivered stronger-than-expected results, posting adjusted EPS of
$6.06 versus
$5.56 expected and revenue of
$70 billion, above the
$62 billion consensus. Exxon generated revenue of
$116 billion, well above expectations of
$97.8 billion, but adjusted EPS of
$3.52 missed estimates by 8 cents due to weaker-than-expected refining performance amid extreme market volatility.
Chevron CEO Mike Wirth warned that global energy markets are "running out of time" as the conflict expands beyond the Strait of Hormuz into the Red Sea, threatening additional supply disruptions while global oil inventories continue to decline. Exxon CEO Darren Woods said unpredictable crude and refined product pricing made forecasting refining margins particularly difficult during the quarter.
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