Exxon and Chevron reported a surge in profits for the second quarter, driven by rising oil prices due to the Iran war. Chevron's net income reached $12 billion, nearly a 400% increase compared to $2.5 billion in the same period last year.
Chevron CEO Mike Wirth warned that global energy markets are running out of time as the war expands and global inventories fall.
Exxon posted profits of $14.5 billion, more than doubling from about $7.1 billion in the same quarter last year.
Chevron shares were slightly higher in premarket trading, while Exxon shares were down about 1%.
