ExxonMobil profit more than doubles as Chevron beats estimates with record Q2 earnings
Higher crude prices, strong refining and petrochemical margins, rising production and Hess acquisition synergies lifted second-quarter results, with Chevron reporting $6.06 adjusted EPS, $70.06 billion in revenue and $15.4 billion in free cash flow.
ExxonMobil and Chevron reported sharply higher second-quarter earnings as higher crude and fuel prices, strong refining and petrochemical margins, and resilient demand boosted results. Exxon said profit rose 105% from a year earlier to $14.53 billion on revenue of $116.02 billion, while Chevron reported record quarterly profit of about $12.1 billion, up roughly 385%-386%, on revenue of $70.06 billion. Chevron also reported adjusted earnings per share of $6.06, beating the $5.65 analyst consensus, alongside $15.4 billion in free cash flow, with stronger crude prices, a 5% production increase and synergies from its recent Hess acquisition supporting results.
- adjusted EPS: Earnings per share excluding selected items.
- crack spreads: A refining margin that measures the gap between the cost of crude oil and the value of refined products such as gasoline and diesel.
- free cash flow: Cash generated after operating and capital spending.