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00:03ExxonMobil and Chevron reported sharply higher second quarter profits Friday
00:06as higher oil prices during the Iran war lifted results, according to CNBC.
00:11Chevron posted adjusted earnings of $6.06 per share on $70 billion in revenue,
00:17topping Wall Street expectations.
00:20Exxon's adjusted earnings came in at $3.52 per share on $116 billion in revenue,
00:26missing earnings estimates but beating revenue forecasts.
00:29Chevron CEO Mike Wyarth told CNBC the threat to Middle East oil supplies
00:33has expanded beyond the Strait of Hormuz as falling global inventories add pressure.
00:37Chevron also reported record U.S. production and higher refining profits,
00:41while Exxon posted its highest upstream production in more than 20 years.
00:45For all things money, visit Benzinga.com.
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