ExxonMobil, Chevron’s combined profits quadrupled in three months as the Iran war raged
Combined profits of ExxonMobil and Chevron for the second quarter soared more than 300% in three months to more than $26 billion.
Reported by 1 outlet — MarketWatch. See all sources ↓
In the three months of the second quarter, ExxonMobil and Chevron together made more than $26 billion in profit. That is more than three times what they earned in the same period a year earlier. The jump happened while fighting between Iran and other countries raised oil prices worldwide. Higher oil prices let the two companies sell fuel and crude for more money.
Why it matters
When big oil companies earn more, gasoline and heating costs often rise for ordinary people. It also shows how conflicts in the Middle East can quickly affect global energy markets and prices.
- What were the combined profits of ExxonMobil and Chevron in Q2?
- More than $26 billion.
- How much did their profits increase compared to a year ago?
- They more than tripled, rising over 300%.
- Why did their profits go up so much?
- Fighting involving Iran pushed up world oil prices, letting the companies sell oil and gas for higher prices.
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ExxonMobil, Chevron’s combined profits quadrupled in three months as the Iran war raged
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