Exxon Mobil and Chevron reported second-quarter earnings on Friday, with profits surging significantly as oil prices were boosted by tensions in Iran.

Chevron's net income soared to $12 billion, compared to $2.5 billion in the same period last year, marking an increase of nearly 400%. The company's adjusted earnings per share came in at $6.06, exceeding Wall Street expectations by $0.50. Chevron CEO Mike Wirth stated in an interview, "Our businesses are firing on all cylinders, which is good because the global market needs it."

Exxon Mobil posted a quarterly profit of $14.5 billion, doubling from roughly $7.1 billion a year earlier. Its adjusted earnings per share were $3.52, falling $0.08 short of market forecasts. In pre-market trading, Chevron shares rose about 1%, while Exxon Mobil shares declined nearly 2%.

Below is a comparison of Exxon Mobil and Chevron's results against analyst expectations from an LSEG survey:

Exxon Mobil adjusted earnings per share: $3.52, versus a $3.60 consensus estimate. Revenue: $116 billion, versus a $97.8 billion consensus estimate.

Chevron adjusted earnings per share: $6.06, versus a $5.56 consensus estimate. Revenue: $70 billion, versus a $62 billion consensus estimate.

From April to June, the average settlement price for U.S. crude futures was $92.45 per barrel, up 27% from the previous quarter. Driven by a surge in exports due to Middle East supply disruptions, Chevron's domestic U.S. crude output hit a record high of approximately 2 million barrels per day. Its global production reached 4 million barrels per day, up from 3.4 million barrels per day a year earlier, a 20% year-over-year increase.

Excluding production disruptions in the Middle East region, Exxon Mobil's upstream oil and gas output reached its highest level in over two decades, with its Permian Basin operations setting a new production record. Its global total production stood at 4.5 million barrels per day.

Driven by a sharp rise in gasoline and diesel prices, which were fuelled by Middle East supply interruptions, Chevron's refining segment profit surged to $4.9 billion, a massive 500% increase from $737 million in the second quarter of 2025.