The war in Iran has been a boon for oil companies with ExxonMobil and Chevron reporting a combined $26.5 billion in second-quarter profits. File Photo by Bonnie Cash/UPI | License Photo
July 31 (UPI) -- The war in Iran has been a boon for oil companies with ExxonMobil and Chevron reporting a combined $26.5 billion in second-quarter profits Friday.
Chevron's profits have increased by 400% over the second quarter of 2025, up from about $2.5 billion to $12 billion this year. Meanwhile consumers are grappling with high gas prices, up to $4.10 per gallon for regular gasoline.
"We're kind of firing on all cylinders, which is good, because the world needs it," Mike Wirth, Chevron CEO, told CNBC.
Exxon's profits have more than doubled in that same span, up from $7.1 billion last year to $14.5 billion, it reported Friday.
