Chevron and ExxonMobil post more than US$26 billion in Q2 profits as Iran war-driven oil prices squeeze households
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Chevron and Exxon reported combined Q2 profits above $26B, attributing the surge to higher oil prices linked to escalating Iran-related geopolitical risk. Strong earnings across major oil firms underscores tight energy supply conditions and supports near-term crude sensitivity to headline risk. The piece also flags rising cost-of-living pressures and renewed calls for higher taxation on fossil-fuel profits, a longer-run policy overhang for the sector.
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Chevron and ExxonMobil reported 2024 second-quarter results with combined net profit of more than US$26 billion, including US$12.0 billion for Chevron and US$14.7 billion for ExxonMobil. Chevron said its Q2 profit rose 328% from the first quarter, while ExxonMobil said its profit increased 67%. The companies linked the surge to higher oil prices driven by an escalation in the Iran situation. The earnings came as other major European energy firms also posted strong profits, while households in many regions faced rising energy, transport and food costs.
