Chevron Surpasses Six-Year High With $12 Billion Quarterly Profit

Chevron has reported its highest quarterly profit in at least six years, beating analyst estimates by a significant margin. The oil giant's adjusted earnings of $12 billion, or $6.06 per share, far exceeded the average estimate of $5.56 per share compiled by LSEG.

The company's success can be attributed to higher oil prices, which have been boosted by disruptions in world energy markets due to the U.S.-Israeli war with Iran. Chevron's production totals 4 million barrels of oil equivalent per day during the second quarter, up from 3.85 million boepd in the first quarter.

The company's downstream earnings also reached their highest since the beginning of the decade at $4.9 billion, driven by record U.S. refinery throughput and low fuel stockpiles globally.