It is a lucrative period for the oil industry.
The two largest U.S. energy firms, ExxonMobil and Chevron, announced massive profits on Friday that comfortably exceeded market expectations, fueled by oil prices that remain significantly high due to the U.S. war with Iran.
ExxonMobil’s profits doubled compared to the same quarter last year, while Chevron saw its earnings climb by more than 180% over the same period.
As a result of these windfall returns, Exxon announced it would raise the financial gains arrived as oil prices climbed past $100 per barrel, a level they have maintained for several months. On Friday, prices saw another uptick, with Brent crude trading just under $118 per barrel.
The highest price Brent has reached since the U.S. and Israel initiated the war with Iran in late February was $126, a mark it is currently approaching once again.
Since the beginning of the year, Exxon shares have climbed 52%, while Chevron shares have seen a 50% return.
Overnight, another major oil company, BP, reported that its
“There’s a lot of disruption happening in the world,” ExxonMobil CEO Darren Woods told
