Exxon and Chevron Just Posted a Combined $26.5 Billion Profit -- Here's the One I'd Buy Right Now
Both oil majors posted major profit increases for the second quarter.
Overview
The oil majors are soaring. ExxonMobil Holdings (NYSE: XOM) posted net income of $14.5 billion for the second quarter, more than double the $7.1 billion profit it had a year ago. Chevron's (NYSE: CVX) net income of $12 billion for the quarter was almost 400% higher than the year-ago quarter.
Chevron beat Wall Street's earnings estimates by $0.50 a share, at $6.06. Exxon, meanwhile, fell $0.08 short of estimates, posting adjusted earnings of $3.52 a share. The company said difficulties in its refining business were to blame.
Details
Still, the increase in net income at the two oil behemoths is stunning. And both companies handily beat analysts' revenue estimates. Of course, higher oil prices resulting from the war in the Persian Gulf and the closure of the Strait of Hormuz, through which about one-fifth of the world's oil flows, are a huge part of that.
Source
Originally published at www.fool.com.