Houston Oil Titans Cash In on Global Price Surge

Houston's oil giants, Exxon and Chevron, have seen massive profits surge due to rising global oil prices. The companies' earnings are driven by higher crude prices, record production, and stronger refining margins, which were affected by conflict in the Middle East.

Exxon reported $14.5 billion in second-quarter profits, more than double its roughly $7.1 billion earnings from the same period last year. Chevron's net income increased nearly 400% to $12 billion, compared to $2.5 billion in the second quarter of 2025.

The average price for regular gasoline in the Houston area was about $3.64 per gallon on Friday, according to AAA. Crude oil futures averaged $92.45 per barrel in the second quarter, a 27% increase from the previous quarter.