ExxonMobil and Chevron Report Mixed Q2 Results

ExxonMobil reported a strong second-quarter performance with a net profit of $9.24 billion, up 17.3% year-on-year, and adjusted earnings per share of $2.14. Revenue reached $93.06 billion, driven by higher oil prices and increased production. In contrast, Chevron reported a net profit of $4.4 billion, down 26% year-on-year, with adjusted earnings per share of $2.55 and revenue of $51.18 billion. Chevron’s profit decline was due to lower refining margins and falling oil prices. The company also announced it will move its headquarters from California to Texas.