ExxonMobil Posts $14.5 Billion Q2 Profit as US-Iran War Lifts Oil and Refining Margins
Updated
Updated · CNN · Jul 31
ExxonMobil Posts $14.5 Billion Q2 Profit as US-Iran War Lifts Oil and Refining Margins
3 articles · Updated · CNN · Jul 31
Summary
$14.5 billion in second-quarter profit gave ExxonMobil its biggest haul since 2022, with earnings more than doubling from a year earlier and averaging about $160 million a day.
More than 40% higher global oil prices and the loss of roughly 6 million to 7 million barrels a day of refining capacity drove the windfall, as war damage in the Middle East and Ukrainian strikes on Russia tightened fuel markets.
Refining became a major profit engine across Big Oil: Chevron's downstream unit swung from an $817 million loss to a $4.9 billion profit, while Shell said it earned nearly $10 billion in its second-highest quarterly profit ever.
Consumers have absorbed the other side of that surge, with Brown University's Climate Solutions Lab estimating the Iran war has added more than $76 billion to gasoline and diesel costs even after pump prices retreated from above $4.50 a gallon.