ExxonMobil and Chevron reported quarterly profits of $15.4 billion and $9.9 billion, respectively, amid the Iran war, which has pushed oil prices above $100 per barrel. Higher refining earnings more than doubled Exxon’s profit from $7.5 billion a year earlier, while Chevron’s increased from $3.5 billion to $9.9 billion. Phillips 66 and Valero Energy also posted their most profitable quarters ever, with earnings of $5.6 billion and $6.8 billion, as roughly 10% of global refining capacity remains offline. Exxon and Chevron executives expect the market to normalize gradually, a process that could take more than a year because of supply-chain disruptions and damaged refineries. Meanwhile, Exxon and Chevron shares rose 62% and 53% over twelve months as Donald Trump highlighted oil companies’ substantial profits to voters.
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