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US Energy Giants Reap Profits from Middle East Tensions

Guavy AI Editorial Team
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CVX
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US energy giants ExxonMobil and Chevron posted significant profits in the second quarter of this year. ExxonMobil's net earnings rose by 105% to $14.5 billion, while Chevron's net earnings surged by 385% to a record high of $12.1 billion.

The increase in profits for both companies was driven by higher oil prices and refining margins due to geopolitical tensions in the Middle East. ExxonMobil CEO Darren Woods said that 'the second quarter was shaped by disruption, but defined by execution.'

Chevron's Chairman and CEO Mike Wirth stated that 'faced with geopolitical uncertainty and market volatility, Chevron's people remain focused on safely delivering the reliable energy the world needs.'

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