Exxon and Chevron Reap Huge Profits Amid Ongoing Oil Price Volatility

ExxonMobil and Chevron reported combined net income of $26.5 billion in the second quarter, according to OilPrice.com.

The two companies benefited from higher crude production, increased refinery throughput, and strong sales in a market disrupted by conflict.

Chevron posted record quarterly earnings of $12.2 billion, nearly five times its profit from the same period a year earlier, while Exxon reported $14.5 billion in earnings, double its year-ago result and its strongest performance since oil prices surged after Russia's invasion of Ukraine.

Exxon's refining business earned $5.5 billion, reversing a $1.3 billion loss in the first quarter, with Chief Financial Officer Neil Hansen indicating that the main price concern is no longer crude itself but the shrinking availability of refined products.