Big Oil Cash In On Soaring Prices Amid US-Iran War

Big Oil's profits have surged to record highs as global oil prices skyrocketed due to the US-Iran war. ExxonMobil and Chevron, the two largest US oil companies, reported significant gains in their second-quarter earnings.

ExxonMobil raked in $14.5 billion in profit during the quarter, more than doubling its year-earlier earnings and its highest haul since 2022. Broken down, the company made about $160 million per day last quarter.

Chevron posted a profit of $12.1 billion, more than quadrupling the $2.5 billion it made in the same period last year. The surge in profits is largely due to the 40% increase in global oil prices so far this year.

Andy Lipow, president of Lipow Oil Associates, said 'These companies are printing money because oil prices spiked around the world.' He added that Exxon and Chevron own refineries that are cashing in on the damage done by war, which has wiped out a chunk of refinery capacity in the Middle East.