Profit of War: How Big Oil is Raking it In Amid Global Tensions The latest quarterly earnings reports from Exxon and Chevron have sent shockwaves through the markets, contrary to expectations.
Despite concerns about oil price declines due to the Iran conflict, both energy giants reported triple digit earnings gains. Chevron's profits more than tripled, while Exxon Mobil saw a modest increase.
The war in Ukraine has had an indirect but significant impact on global oil markets. Supply disruptions and subsequent price spikes have benefited Big Oil's bottom line.