Chevron and ExxonMobil posted bumper second-quarter earnings, driven by high oil prices amid the Middle East conflict. Chevron reported its highest quarterly profit in six years, with earnings of $6.06 per share beating estimates and revenue jumping 56.2% to $70.06 billion, while upstream earnings tripled to $8.2 billion and total production reached 4.07 million barrels of oil equivalent per day. ExxonMobil's net profit climbed to a four-year high of $14.5 billion, with revenue of $116.02 billion and record Permian Basin output exceeding 1.8 million barrels of oil equivalent per day. Both companies returned billions to shareholders through dividends and buybacks, with Chevron repurchasing $3 billion in shares and ExxonMobil returning $9.4 billion. The Energy sector is leading S&P 500 earnings growth at 128.2% year-over-year, with Brent crude averaging $92.55 per barrel in the quarter.
Chevron CorpRecord quarterly profit and $3B buyback
Exxon Mobil CorpHighest profit in four years and $9.4B returned to shareholders