OriginalSourceMintIndiaOwner: HT MediaLeanCenterCredibilityPublished03:17 UTCRatings: AllSides, MBFCSourceMintIndiaOwner: HT MediaLeanCenterCredibilityPublished03:17 UTCRatings: AllSides, MBFC
“US oil giants ExxonMobil, Chevron beat profit forecasts as wars in Iran, Ukraine spike domestic refining”
“ExxonMobil and Chevron posted stronger-than-expected quarterly profits amid soaring refining margins tied to disruptions in the Middle East and Russia-Ukraine war.”
ExxonMobil and Chevron beat profit forecasts on strong refining margins.
Key points
- ExxonMobil and Chevron exceeded analyst expectations for quarterly profit.
- Domestic gasoline prices surged due to supply constraints from Middle East and Russia-Ukraine conflicts.
- Refining margins surged as Hormuz closures and refinery attacks reduced fuel-making capacity.
- Exxon’s refining earnings hit a record $9.05 billion; Chevron earned $9.9 billion.
- Chevron plans $7 billion Venezuelan investment over five years amid elevated margins.
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