Chevron reported its largest quarterly net profit ever at $12.1 billion on Friday, benefiting from oil and gas supply disruptions caused by the Iran war. ExxonMobil posted $14.5 billion in second-quarter income and Shell reported $10.8 billion in net earnings, their most profitable quarters since 2022. Crude oil is currently hovering near $90 per barrel, with the effective closure of the Strait of Hormuz driving record refining margins and unprecedented petrochemical gains in North America. Exxon, more exposed to Middle Eastern disruptions due to the temporary loss of its Qatar production, reported its highest oil and gas output outside the Middle East in over two decades. Despite exceeding expectations, Chevron stock rose over 2% to a market cap above $390 billion, while Exxon dipped 1.5% with a market cap just below $650 billion.
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