Exxon and Chevron’s $26.5 Billion Quarter Draws Trump’s Ire
Exxon and Chevron’s $26.5 Billion Quarter Draws Trump’s Ire Julianne Geiger is a veteran energy journalist and market analyst with more than a decade of experience covering the global oil and gas sector.
Her… ExxonMobil and Chevron made a combined $26.5 billion in the second quarter after producing more oil, refining more fuel, and selling all of it into a market scrambled by war.
Washington is investigating why gasoline costs so much.
Chevron reported record net income of $12.2 billion, nearly five times its year-ago profit.
Exxon earned $14.5 billion, double what it made during the same quarter last year and its best result since oil prices soared following Russia’s invasion of Ukraine.
The Iran war sent crude prices sky high after Gulf production fell and tanker traffic through the Strait of Hormuz collapsed.
It did worse things to gasoline and diesel markets, where Middle Eastern refinery outages piled onto lost Russian capacity and China’s reluctance to export more fuel.
Chevron’s refining profit jumped to $4.9 billion from $737 million a year earlier.
Exxon’s refining business earned $5.5 billion after losing $1.3 billion in the first quarter.
Exxon CFO Neil Hansen said the bigger price problem is no longer crude.
It is the shrinking availability of the products made from it.
Chevron’s global production reached 4 million barrels of oil equivalent per day, helped by its Hess acquisition, while U.S.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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