Chevron's net income surged to $12 billion, a nearly 400% increase from $2.5 billion year-over-year, with adjusted earnings of $6.06 per share exceeding Wall Street's expectations by 50 cents.
CEO Mike Wirth emphasized the company's strong performance, stating, 'We're kind of firing on all cylinders, which is good, because the world needs it.' In contrast, ExxonMobil reported profits of $14.5 billion, doubling from $7.1 billion a year earlier, but its adjusted earnings of $3.52 per share fell short of estimates by 8 cents.
In premarket trading, Chevron shares rose approximately 1%, while Exxon's shares declined nearly 2%. Both companies benefited from a significant increase in U.S. crude oil prices, which averaged $92.45 per barrel, a 27% rise from the previous quarter.
Chevron achieved record U.S. production of around 2 million barrels per day, contributing to a total worldwide output of 4 million barrels per day, a 20% increase from the same quarter last year. Exxon's production also reached its highest level in over 20 years, with notable output in the Permian Basin.
Additionally, Chevron's refining profits soared to $4.9 billion, a 500% increase compared to $737 million in the second quarter of 2025, driven by rising gasoline and diesel prices due to the ongoing supply disruptions in the Middle East