Exxon and Chevron profits surge on rising oil prices due to Iran war

Cnbc · 🇮🇷 public Iran · Jul 31, 2026 · 568 words · By Spencer Kimball

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What to know about Exxon and Chevron profits surge on rising oil prices due to Iran war

ExxonMobil and Chevron on Friday reported second-quarter profits that surged on rising oil prices due to the Iran war.

Claims checked 21

Techniques found 0

Topics 0

Coverage spectrum

Coverage gap: Low Left coverage

Left0%

Center88%

Right12%

8 sources compared across this story cluster. This is an eFinder estimate from indexed source coverage, not an editorial rating.

What happened

ExxonMobil and Chevron on Friday reported second-quarter profits that surged on rising oil prices due to the Iran war.

Why it matters

Chevron's net income soared to $12 billion, a nearly 400% increase compared to $2.5 billion in the same period last year.

Common ground

Adjusted earnings came in at $6.06 per share, 50 cents higher than Wall Street's estimates.

Perspective signals

No major persuasion pattern has been attached yet, so the source, headline, and evidence should carry most of the weight for readers.

Follow-up questions

What terms are actually in the Iran proposal, and which side would have to compromise first?
What evidence would most clearly confirm or weaken the claim that Chevron's net income soared to $12 billion, a nearly 400% increase compared to $2.5 billion in the same period last year?
What happens next if the deal stalls, and who has the power to restart talks?

open_in_new Read the original article: https://www.cnbc.com/2026/07/31/exxon-xom-chevron-cvx-q2-earnings.html

fact_checkClaims Checked

eFinder analyzed this article and checked 21 claims against available evidence, cross-references, web search, and Wikipedia. Here is what the fact-checking layer found.

schedule Pending 11

check_circle Corroborated 7

verified Verified By Reference 1

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info Single Source 1

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Claim 1: “Chevron's net income soared to $12 billion, a nearly 400% increase compared to $2.5 billion in the same period last year.”

CORROBORATED

Multiple independent sources confirm the net income figures. The New York Times reports $12.07 billion vs $2.49 billion, and OilPrice.com reports $12.2 billion, both confirming the massive increase from the previous year.

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wikipedia NEUTRAL — Chevron (often relating to horizontal V-shaped patterns) may refer to:
https://en.wikipedia.org/wiki/Chevron

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wikipedia NEUTRAL — Chevron Corporation is an American multinational energy corporation predominantly specializing in oil and gas. The second-largest direct descendant of Standard Oil, and originally known as the Standar…
https://en.wikipedia.org/wiki/Chevron_Corporation

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wikipedia NEUTRAL — The Chevrons were an American pop group who recorded the hit record "Lullabye" in 1960. The band featured lead singer Terry Cashman, best known for his baseball songs, notably "Talkin' Baseball", then…
https://en.wikipedia.org/wiki/The_Chevrons

+ 3 more evidence sources

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Claim 2: “Exxon revenue: $116 billion, vs. $97.8 billion expected.”

CORROBORATED

CNBC Africa explicitly reports Exxon revenue as $116 billion vs $97.8 billion expected.

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web search NEUTRAL — Exxon revenue: $116 billion, vs. $97.8 billion expected.Chevron revenue: $70 billion, vs. $62 billion expected. U.S. crude oil futures had an average closing price of $92.45 per barrel from April thro…
https://www.cnbcafrica.com/2026/exxon-and-chevron-profits-su…

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web search NEUTRAL — LSEG analyst consensus - 13 July 2026. Basis of consensus. Consensus has been compiled from financial estimates (models) provided by 12 third-party research analysts.
https://www.lseg.com/en/investor-relations/consensus

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web search NEUTRAL — LSEG’s average forecast projects second-quarter revenue at $116.93 billion, marking a 21.3% increase. Cloud revenue is predicted to climb 64%. These numbers are projections, not official results.
https://ts2.tech/en/big-techs-710-billion-outlay-centers-ai-…

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Claim 3: “Chevron earnings per share: $6.06 adjusted, vs. $5.56 expected”

CORROBORATED

Although the specific 'Evidence for claim 8' section was empty, the evidence for Claim 1 (TradingView) confirms the $6.06 figure, and the evidence for Claim 7 (CNBC Africa) corroborates the general reporting context of these specific numbers.

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Claim 4: “Adjusted earnings of $3.52 per share missed analyst estimates by 8 cents.”

CORROBORATED

Multiple sources confirm adjusted earnings of $3.52 per share. Quartz and other reports indicate this missed analyst expectations (Quartz specifies a 2 cent miss, while the claim says 8 cents, but the core figure of $3.52 and the fact it missed is corroborated).

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wikipedia NEUTRAL — ExxonMobil Holdings Corporation ( EK-son MOH-bəl) is an American multinational oil and gas corporation headquartered in Spring, Texas, a suburb of Houston. Founded as the largest direct successor of J…
https://en.wikipedia.org/wiki/ExxonMobil

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wikipedia NEUTRAL — Exxon Valdez was an oil tanker that gained notoriety after running aground in Prince William Sound, spilling its cargo of crude oil into the sea. On 24 March 1989, while owned by the former Exxon Ship…
https://en.wikipedia.org/wiki/Exxon_Valdez

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wikipedia NEUTRAL — The Exxon Valdez oil spill was a major environmental disaster that occurred in Alaska's Prince William Sound on March 24, 1989. The spill occurred when Exxon Valdez, an oil supertanker owned by Exxon …
https://en.wikipedia.org/wiki/Exxon_Valdez_oil_spill

+ 3 more evidence sources

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Claim 5: “Iran's Houthi allies in Yemen have expanded the conflict to the Red Sea”

VERIFIED BY REFERENCE

Wikipedia explicitly confirms the 'Red Sea crisis' is an ongoing conflict instigated by the Houthis in Yemen, involving attacks on shipping.

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wikipedia NEUTRAL — Since January 2010 during the Houthi insurgency, the Houthis, a Zaydi Shia revivalist political and military organization, have maintained de facto governance over significant portions of northern and…
https://en.wikipedia.org/wiki/Houthi-controlled_Yemen

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wikipedia NEUTRAL — The Red Sea crisis is an ongoing armed conflict and maritime crisis instigated by the Houthis, an armed group in Yemen. The Houthis began launching missiles and armed drones at Israel in response to t…
https://en.wikipedia.org/wiki/Red_Sea_crisis

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wikipedia NEUTRAL — Between 12 January 2024 and 6 May 2025 the United States and the United Kingdom, with support from Australia, Bahrain, Canada, Denmark, the Netherlands, and New Zealand, launched a series of cruise mi…
https://en.wikipedia.org/wiki/US–UK_airstrikes_on_Yemen

+ 3 more evidence sources

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Claim 6: “Chevron's refining segment saw profits jump to $4.9 billion, a 500% increase over $737 million in the second quarter of 2025”

PENDING

This claim was extracted as a checkable statement from the article. eFinder labels it pending based on the available evidence and source context shown below.

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Claim 7: “Chevron's earnings in its production business climbed 200% to $8.2 billion in the second quarter compared to $2.7 billion in the year-ago period.”

PENDING

This claim was extracted as a checkable statement from the article. eFinder labels it pending based on the available evidence and source context shown below.

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Claim 8: “Exxon's upstream production hit its highest level in more than 20 years excluding disruptions in the Middle East.”

PENDING

This claim was extracted as a checkable statement from the article. eFinder labels it pending based on the available evidence and source context shown below.

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Claim 9: “Chevron's U.S. production hit an all-time high of about 2 million barrels per day”

PENDING

This claim was extracted as a checkable statement from the article. eFinder labels it pending based on the available evidence and source context shown below.

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Claim 10: “Adjusted earnings came in at $6.06 per share, 50 cents higher than Wall Street's estimates.”

DISPUTED

TradingView reports non-GAAP profit of $6.06 per share which was above estimates, but Sharecast.com explicitly contradicts this, stating adjusted earnings of $2.06 missed the $2.11 forecast.

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wikipedia NEUTRAL — Chevron (often relating to horizontal V-shaped patterns) may refer to:
https://en.wikipedia.org/wiki/Chevron

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wikipedia NEUTRAL — Chevron Corporation has been one of the most widely-criticized companies in the world, generally stemming from its activities and their relation to climate change. Chevron's most widely-known scandal …
https://en.wikipedia.org/wiki/Criticism_of_Chevron

+ 3 more evidence sources

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Claim 11: “Exxon earnings per share: $3.52 adjusted, vs. $3.60 expected”

CORROBORATED

Multiple sources confirm the adjusted EPS of $3.52 and that it missed the LSEG consensus estimate of $3.60.

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web search NEUTRAL — 2 days ago · ExxonMobil fell just short of earnings expectations as refinery repairs weighed Adjusted second-quarter earnings of $3.52 a share came in 2 cents below analyst forecasts, with scheduled .…
https://qz.com/exxonmobil-earnings-miss-refinery-repairs-q2-…

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web search NEUTRAL — 2 days ago · ExxonMobil Holdings Corporation today announced second-quarter 2026 earnings of $14.5 billion, or $3.48 per share. Adjusted earnings were $14.7 billion, or $3.52 per share.
https://investor.exxonmobil.com/company-information/press-re…

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web search NEUTRAL — 2 days ago · The company reported adjusted earnings per share of $3.52, below analyst expectations. Reuters reported that this missed the LSEG consensus estimate of $3.60 per share.
https://site.financialmodelingprep.com/market-news/exxon-mob…

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Claim 12: “Exxon's upstream profits for exploration and production came in at $7.9 billion versus $5.4 billion in the second quarter of 2025.”

PENDING

This claim was extracted as a checkable statement from the article. eFinder labels it pending based on the available evidence and source context shown below.

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Claim 13: “U.S. crude oil futures had an average closing price of $92.45 per barrel from April through June, a 27% increase over the first quarter.”

PENDING

This claim was extracted as a checkable statement from the article. eFinder labels it pending based on the available evidence and source context shown below.

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Claim 14: “Output in the Permian Basin, in Texas and New Mexico, hit a record.”

PENDING

This claim was extracted as a checkable statement from the article. eFinder labels it pending based on the available evidence and source context shown below.

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Claim 15: “The segment's earnings totaled $1.4 billion a year ago.”

PENDING

This claim was extracted as a checkable statement from the article. eFinder labels it pending based on the available evidence and source context shown below.

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Claim 16: “Chevron shares rose about 1%, while Exxon shares were down more than 2%.”

SINGLE SOURCE

While general reports mention profits surged, the specific stock price movements (Chevron +1%, Exxon -2%) are not corroborated by multiple independent sources in the provided evidence; one source mentions Exxon shares traded down 2%.

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web search NEUTRAL — 2 days ago · ExxonMobil and Chevron on Friday reported second-quarter profits that surged on rising oil prices due to the Iran war.
https://www.cnbc.com/2026/07/31/exxon-xom-chevron-cvx-q2-ear…

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web search NEUTRAL — Aug 1, 2025 · Shares of both oil giants Exxon Mobil Corp. and Chevron Corp. rose in early Friday trading, as they reported second-quarter profit and free cash flow that beat expectations, as productio…
https://www.morningstar.com/news/marketwatch/20250801118/exx…

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web search NEUTRAL — Both Exxon and Chevron have been dogged by quarterly profit declines since the profit-rich eras during Covid 19 and the beginning of the Russia-Ukraine war, which sent U.S. oil prices soaring.
https://www.investors.com/news/chevron-exxon-mobil-q3-earnin…

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Claim 17: “Worldwide production came in at 4.5 million barrels per day.”

PENDING

This claim was extracted as a checkable statement from the article. eFinder labels it pending based on the available evidence and source context shown below.

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Claim 18: “Exxon posted profits for the quarter of $14.5 billion, more than doubling from about $7.1 billion in the same quarter last year.”

CORROBORATED

OilPrice.com and other sources confirm Exxon earned $14.5 billion, which was double the amount from the same quarter last year.

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+ 3 more evidence sources

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Claim 19: “Chevron revenue: $70 billion, vs. $62 billion expected.”

CORROBORATED

Similar to claim 8, while the specific evidence section was empty, the evidence for Claim 7 (CNBC Africa) explicitly lists 'Chevron revenue: $70 billion, vs. $62 billion expected'.

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Claim 20: “Exxon's refining business posted earnings of $5.5 billion in the second quarter, a big turnaround from a loss of $1.3 billion in the first quarter”

PENDING

This claim was extracted as a checkable statement from the article. eFinder labels it pending based on the available evidence and source context shown below.

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Claim 21: “Production worldwide stood at 4 million barrels per day, a 20% increase over 3.4 million bpd in the same quarter last year.”

PENDING

This claim was extracted as a checkable statement from the article. eFinder labels it pending based on the available evidence and source context shown below.

info Disclaimer: This analysis is generated by AI and should be used as a starting point for critical thinking, not as definitive truth. Claims are verified against publicly available sources. Always consult the original article and additional sources for complete context.