Big Oil is minting money.
ExxonMobil and Chevron, the two biggest US oil companies, reported gangbusters profits on Friday driven by the spike in global oil prices unleashed by the US-Iran war.
Exxon raked in $14.5 billion in profit during the second quarter, more than doubling its year-earlier earnings and its highest haul since 2022 during the onset of the Russia-Ukraine war.
Broken down, Exxon made about $160 million per day last quarter.
Chevron, the No. 2 US oil company, posted a profit of $12.1 billion, more than quadrupling the $2.5 billion it made in the same period last year.
