ExxonMobil Reports Strong Q2 Earnings, Chevron Sees Profit Decline
ExxonMobil reported a net profit of $9.24 billion for the second quarter, up 17.3% year-on-year, with adjusted earnings per share of $2.14 and revenue of $93.06 billion. The increase was driven by higher oil prices and increased production. Meanwhile, 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 attributed to lower refining margins and falling oil prices. Chevron also announced its headquarters move from California to Texas.