Chevron is trending in the United States as a dispute over oil profits and gasoline prices draws attention to the energy market. Google Trends listed Chevron among the country’s active searches during the past 24 hours.
The Associated Press reported that oil companies continued to post large profits while fighting in Iran disrupted energy markets and pushed up prices for crude, gasoline, jet fuel and diesel. AP said the Strait of Hormuz, a major route for global oil shipments, was effectively closed during the conflict.
AP reported that Exxon Mobil’s second-quarter profit doubled to $14.5 billion, while revenue rose 42% to $116 billion. Chevron’s profit nearly quadrupled to $12 billion, and its revenue increased 56% to more than $70 billion, according to the report.
President Donald Trump criticized Chevron and Exxon Mobil over those results. AP reported that Trump said the companies had made too much money and called for lower retail fuel prices. The criticism placed the two U.S. energy companies in a debate over the price of crude and the other costs that shape what consumers pay at the pump.
Reuters reported in July that U.S. oil companies were preparing for a political clash with the administration as strong quarterly earnings met pressure to reduce gasoline prices. Reuters noted that crude oil makes up nearly half of the price paid by consumers, while refining, distribution, marketing and taxes account for the remainder.
The earnings reported by AP also covered companies outside the United States. Six major European oil companies posted combined first-quarter profits of $22 billion, more than 40% higher than a year earlier. BP reported second-quarter profit of $3.9 billion, while Saudi Aramco reported $32.69 billion in second-quarter net profit, a 44% year-on-year increase.
AP reported that U.S. crude fell 5.4% to $75.98 a barrel and Brent crude fell 4.9% to $83.87 on the day of its report, after comments that a possible agreement could reopen the Strait of Hormuz.
AP also reported that shares of major oil companies were up roughly 20% to 30% for the year at the time of publication, compared with a 13% gain for the S&P 500.
