Chevron just shattered records with a $12.1 billion profit in Q2—their biggest in six years—driven by soaring oil prices and tight global fuel supplies. Upstream earnings jumped 200% as Brent crude hit $104/barrel, while U.S. oil production hit a record high. Downstream profits exploded from $737M to nearly $5B as refineries ran at full capacity amid Middle East conflicts. CEO highlights the company’s role in delivering energy amid chaos, but warns escalating global tensions are straining supply chains. Chevron also returned $3B via buybacks and $3.5B in dividends, while eyeing new Iraq deals to bypass conflict zones.
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