Chevron Corporation (NYSE:CVX) stock traded higher Friday after the energy giant reported second-quarter 2026 results that topped Wall Street expectations, driven by record U.S. production, stronger refining margins and higher oil prices.
The earnings come as elevated crude prices, fueled by the Iran conflict, boosted profits across the oil sector.
According to CNBC, both Chevron and ExxonMobil Holdings Corp.
(NYSE:XOM) benefited from the rally.
Chevron CEO Mike Wirth told CNBC that global oil markets remain under pressure as geopolitical risks have expanded beyond the Strait of Hormuz while global inventories continue to tighten.
