ExxonMobil, Chevron Profits Slump on Falling Oil Prices

• ExxonMobil and Chevron reported much lower second-quarter profits as the price of oil slumped.

• Adjusted earnings for both oil giants beat estimates, but Chevron missed revenue forecasts.

• Chevron’s results were impacted by a loss in the fair market price of shares of Hess, which it finally acquired following a long battle with Exxon Mobil.

The sinking price of oil took a big bite out of profits at energy giants ExxonMobil (XOM) and Chevron (CVX) in the second quarter.

ExxonMobil reported net income declined 23% year-over-year to $7.08 billion, and it was down 44% to $2.49 billion for Chevron. However, looking at adjusted earnings per share, both ExxonMobil ($1.64) and Chevron ($1.77) beat analysts’ estimates.

ExxonMobil’s revenue fell 12% to $81.51 billion, but beat forecasts. Chevron’s revenue declined 12% to $44.82 billion, missing expectations.

Crude prices fell below $60 a barrel in the second quarter, well below prior-year levels. In addition, Chevron’s earnings were hurt by a $215 million loss on the fair market value of Hess shares after the company finally completed the $53 billion purchase of its rival following a prolonged fight with Exxon over the deal.

Chevron said its addition of Hess “creates one of the most advantaged and differentiated portfolios in the industry.”

Shares of ExxonMobil slipped nearly 2% in recent trading but are about 2% higher year-to-date. Those of Chevron edged lower Friday but are up 4% in 2025.

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