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. Chevron's net income soared to $12 billion, a nearly 400% increase compared to $2.5 billion in the same period last year. Its adjusted earnings came in at $6.06 per share, 50 cents higher than Wall Street's estimates. Exxon posted profits for the quarter of $14.5 billion, doubling compared to about $7.1 billion in the same quarter last year. It reported adjusted earnings of $3.52 per share, missing estimates by 8 cents. Chevron shares were about 1% higher in premarket trading, while Exxon shares were down nearly 2%. U.S. crude oil futures had an average closing price of $92.45 per barrel from April through June, a 27% increase over the previous quarter. Chevron's U.S. production hit an all-time high of around 2 million barrels per day as exports surged due to the supply disruption in the Middle East. Production worldwide stood at 4 million barrels per day, a 20% increase over 3.4 million bpd in the same quarter last year. "We're kind of firing on all cylinders, which is good, because the world needs it," CEO Mike Wirth told CNBC's Becky Quick.