Big Oil Soars as Chevron and ExxonMobil Reap Billions from Iran War

Chevron and ExxonMobil have reported record-breaking quarterly profits, benefiting from higher crude oil prices, refining margins, and petrochemical gains in North America. Chevron's $12.1 billion net profit is its largest ever, while ExxonMobil's $14.5 billion income represents its most profitable quarter since 2022. The Iran war has disrupted oil supplies worldwide, leading to a surge in global benchmark prices near $90 per barrel.

Chevron CEO Mike Wirth stated that 'demand destruction' from the conflict is not apparent at any significant scale, but acknowledged uncertainty surrounding China's energy sector. ExxonMobil CEO Darren Woods expressed confidence that the Middle East's energy sector will rebound once the conflict is resolved.

North America has benefited from all-time high oil production and growing liquefied natural gas exports, with U.S. refineries maximizing outputs due to huge profit margins from refinery outages worldwide.