Chevron Outshines ExxonMobil as Refining Revenue Soars

Oil majors ExxonMobil and Chevron posted combined net income of $26.5 billion for the second quarter, more than double their earnings a year ago.

Chevron's refining revenue soared from $737 million in Q2 last year to $4.9 billion this year, while ExxonMobil's refining profit fell short of expectations due to maintenance issues.

Chevron also enjoys an advantage in Venezuela, where it is the only major oil company operating in the country with its vast reserves open for business with US companies.