Exxon, Chevron on Track for Record Q2 Profits as War-Driven Fuel Prices Surge
XOM sits 33% above its 52-week low of $105.525.
Summary
Exxon and Chevron are projected to post record Q2 net income of ~$15B and ~$9.7B, respectively—more than double the prior quarter—as the U.S.-Iran war drives crude, diesel, and jet fuel prices sharply higher. This follows Exxon's 46% Q1 earnings drop to $4.2B, making the rebound dramatic. The profit surge is already triggering political backlash: President Trump has accused oil companies of price gouging and ordered a DOJ investigation, while senators demand pricing documents. Average U.S. gasoline prices are up ~25% YoY to $3.80/gallon, and diesel is up 30% to $4.80/gallon. Oil rebounded to ~$80/bbl after a July 8 U.S. strike on Iran, reversing recent peace-hope declines. The earnings reports themselves will be the next major catalyst, with the political pressure adding uncertainty around potential regulatory or tax actions.
At the time of this announcement, XOM was trading at $140.40 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $584.9B. 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 9 out of 10. Source: Binance News.