Chevron Posts Record $12B Profit, Up 400% YoY; ExxonMobil Hits $14.5B Amid Iran War Windfall
XOM sits 49% above its 52-week low of $105.525.
Summary
Chevron and ExxonMobil reported blowout Q2 profits, with Chevron posting a record $12B (up 400% YoY) and ExxonMobil $14.5B, both fueled by elevated oil prices from the Iran conflict. These actual results exceed earlier projections of ~$9.7B for Chevron and come in slightly below the ~$15B estimate for ExxonMobil, but still represent massive windfalls. The profits have drawn sharp political attacks from Hunter Biden and California Governor Gavin Newsom, who accused Chevron of 'fleecing Californians' at the pump. This follows warnings from both companies in late July that fuel prices would remain elevated in H2 2026 due to Iran war disruptions. The results confirm that Big Oil is reaping extraordinary gains from geopolitical turmoil, with Chevron's quarter being its best ever. Watch for potential regulatory or political backlash, especially in California, and any impact on future earnings if the Iran situation de-escalates.
At the time of this announcement, XOM was trading at $157.12 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $644.2B. The 52-week trading range was $105.53 to $176.41. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Benzinga.