Story perspectives

Exxon, Chevron Post Record Q2 Profits on Iran War Spike

7/31/2026

Summary

Story summary

ExxonMobil earned $14.5 billion and Chevron $12.1 billion in Q2, lifted by Iran-war oil price spikes.
Exxon’s Q2 revenue rose to $116 billion, surpassing the $97.8 billion forecast, while Chevron’s reached $70 billion, exceeding $62 billion.
Chevron’s U.S. crude output reached a record ~2 million barrels per day.
Downstream earnings rose to $4.9 billion for Chevron and $5.5 billion for Exxon, while the Iran war added over $76 billion in fuel costs, pushing gasoline to $4.11 per gallon.

History

Historical Context

During the October 1973 Yom Kippur War, OAPEC imposed an oil embargo on the United States and other Israel-supporting nations, driving crude prices up nearly 300%—from $3 to $12 per barrel—until the embargo lifted in March 1974. The shock spurred the U.S. to create the Strategic Petroleum Reserve in 1975 and set a precedent for the profit surges now seen at ExxonMobil and Chevron amid Iran-related price spikes.

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Story summary

ExxonMobil earned $14.5 billion and Chevron $12.1 billion in Q2, lifted by Iran-war oil price spikes.
Exxon’s Q2 revenue rose to $116 billion, surpassing the $97.8 billion forecast, while Chevron’s reached $70 billion, exceeding $62 billion.
Chevron’s U.S. crude output reached a record ~2 million barrels per day.
Downstream earnings rose to $4.9 billion for Chevron and $5.5 billion for Exxon, while the Iran war added over $76 billion in fuel costs, pushing gasoline to $4.11 per gallon.

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