Exxon (XOM) Reports Q2 Earnings: What Key Metrics Have to Say

Sen. Martin Heinrich will introduce a bill to end U.S. tax breaks for oil and gas companies producing overseas, according to his office. The proposal would treat overseas fossil fuel profits like other foreign income, close related foreign tax credit provisions, and tighten rules on misclassified payments. It follows Trump criticism of major producers’ profits during the Iran-driven oil price rise; Chevron and Exxon reported large Q2 gains.

The article says Arab and Muslim states accused Israel of violating a U.S.-mediated Gaza ceasefire, citing continued strikes, aid shortfalls, and Israeli claims that Hamas has not disarmed. It also covers Iraq-Turkey pipeline volumes, Petrobras’ offshore Colombia gas discovery, and Exxon’s Kashagan expansion proposal. It reports earnings for Phillips 66, Chevron, ExxonMobil, and Occidental.

McDermott Energy Solutions, a subsidiary of McDermott, received from ExxonMobil Moçambique Limitada a letter of intent for limited engineering and procurement work to continue the Rovuma LNG Phase 1 midstream development. The Area 4 partners target a final investment decision in 2026. Rovuma LNG is planned for 12 modular liquefaction units producing 18.6 million tonnes per year, with start-up in 2031.

Reuters reports Caspian Pipeline Consortium (CPC) resumed Black Sea exports briefly after July 30 attacks, but shipowners again pulled back due to safety concerns. CPC suspended loading repeatedly this week and was closed again Aug 5, despite some tankers completing loading. Higher tanker charter rates and war-risk insurance were cited, with Kazakhstan production down in July.

ExxonMobil and Chevron warned that Iran-related disruptions are keeping global diesel and refined-fuel supplies tight, likely supporting higher prices through the second half of 2025. Both cited stronger Q2 refining profits from lower inventories, reduced Chinese exports, and Russian outages. Exxon adjusted downstream earnings rose to $4.1B; Chevron’s Q2 results beat expectations. Exxon expects Q3 maintenance to be lower; Chevron’s planned maintenance may cut downstream earnings by $175M to $225

According to the Washington Examiner, President Trump criticized ExxonMobil and Chevron for high oil profits tied to the US-Iran war and urged them to “give back” gains by cutting retail prices. Chevron reported $12B second-quarter earnings (up from $2.5B in 2025) and Exxon $14.5B (more than double). UPI cites combined $26.5B net income. Oil and gasoline prices rose amid the conflict.