Oil Giants Soar as Chevron Posts Record Profit Amid Global Price Volatility

ExxonMobil and Chevron have reported record-breaking profits in the second quarter, sparking ire from President Donald Trump. The two oil giants combined for $26.5 billion in earnings, with Chevron's net income soaring to a record $12.2 billion.

Chevron's refining profit jumped 563% year-over-year to $4.9 billion, while ExxonMobil earned $14.5 billion, doubling its second-quarter profits from last year and marking its best result since oil prices skyrocketed following Russia's invasion of Ukraine.

The Iran war has had a devastating impact on global crude markets, causing prices to spike and leaving little room for error. According to ExxonMobil CFO Neil Hansen, the bigger price problem is no longer crude, but rather the shrinking availability of products made from it.