Commodities
Oil Giants Cash In on Global Turmoil
US energy giants ExxonMobil and Chevron have reported significant profits in their second-quarter earnings. The increase is attributed to higher oil prices resulting from the ongoing Middle East conflict.
ExxonMobil posted a profit of $14.525 billion in Q2, up from $4.183 billion in Q1 and $7.082 billion a year earlier. Despite disruptions to its operations in the Middle East, the company's upstream output, excluding the region, reached an over two-decade high.
Chevron's Q2 profit rose to $12.072 billion, significantly higher than $2.21 billion in Q1 and $2.49 billion a year ago. The company attributed its growth to reliable operations, higher commodity prices, increased margins on refined product sales, and higher volumes.