Rubbish Check
ABC News Business (AP wire) · July 31, 2026
source“‘Energy companies Exxon and Chevron rake in huge profits as fighting between US and Iran drive energy prices higher’”
R3/ 10
Lightly altered
Rubbish Rating — 1 = base fact, 10 = pure rubbish
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In short
Rubbish Talk rates ABC News/AP's claim that Exxon and Chevron profits surged as US-Iran fighting pushed energy prices higher a 3/10, because the earnings figures and the price-driven cause are both accurate, but the headline omits that record production growth at both companies also drove the results.
The Verdict
Lightly altered. The core claim, huge profits tied to Iran-war-driven oil prices, checks out against both companies' own filings and matches how CNN, CNBC and the Washington Post framed the same story. It loses a point only because it presents price spikes as the sole driver when both firms also reported record output.
What actually happened
ExxonMobil and Chevron reported second-quarter 2026 results on July 31. Chevron posted $12 billion in profits for the second quarter, its highest quarterly profit in six years, while Exxon posted $14.5 billion. Analysts and both companies attributed the jump largely to the Israel-adjacent US-Iran conflict pushing oil prices up, alongside strong operational performance.
Key facts
- Chevron's net income soared to $12 billion, a nearly 400% increase compared to $2.5 billion in the same period last year.
- Adjusted earnings came in at $6.06 per share, 50 cents higher than Wall Street's estimates.
- Exxon posted profits for the quarter of $14.5 billion, more than doubling from about $7.1 billion in the same quarter last year.
- Adjusted earnings of $3.52 per share missed analyst estimates by 8 cents.
- Both companies benefited from average U.S. crude prices around $92/barrel in the quarter (up significantly from Q1) and improved refining performance.
- Chevron is responding to high oil prices by ramping up supply, reporting record US production, with worldwide production jumping 20% year-over-year.
- The combined figure across both firms was $26.5 billion.
What to watch for
Watch whether next quarter's coverage credits Chevron's record production and cost cuts as much as it credits oil prices, since output growth is doing real work here too. Also watch Exxon's refining miss: Exxon CEO Darren Woods said the miss was due to difficulties in the company's refining business, which was particularly difficult to forecast prices for. A reversal in crude prices once the conflict cools would be the tell that this was a windfall quarter, not a structural shift.
About this scoreThe R-Score is Rubbish Talk's editorial opinion on how far a headline's framing sits from what the underlying facts support. It is a judgement about presentation and emphasis, not an allegation that any outlet has acted dishonestly. Every figure we rely on is linked under Receipts so you can check it yourself.
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