Chevron Sees Record Profit Amid Global Energy Market Volatility

Chevron has recorded its highest quarterly profit in at least six years, surpassing analyst estimates as the U.S.-Israeli war with Iran disrupts global energy markets. The company's adjusted earnings of $12 billion, or $6.06 per share, beat the average estimate of $5.56 per share according to data compiled by LSEG.

Chevron shares were up about 2% in premarket trading as the results mirrored those of European oil majors TotalEnergies and Shell. Despite ExxonMobil missing analyst estimates for quarterly profit despite earnings hitting a four-year high, Chevron's Chief Financial Officer Eimear Bonner said the company would continue to deliver reliable energy.

The second-largest U.S. oil major has less Middle East production than its peers, allowing it to reap the benefits of higher oil prices without large output disruptions. Benchmark Brent crude prices were 23% higher during the second quarter over the year's first three months as shipping through the Strait of Hormuz remained limited.