Chevron rises after Q2 profit beat

Shares of oil major Chevron CVX.N were up 1.7% at $195.61 in premarket trading.

The company beat second-quarter profit estimates, reporting its highest quarterly profit in at least six years, as the U.S.-Israel war with Iran disrupts global energy markets and boosts earnings for oil companies.

Chevron posted second-quarter adjusted profit of $6.06 per share versus analysts' estimate of $5.56 per share, according to data compiled by LSEG.

Earnings from upstream were $8.2 billion, up 200% from the previous year.

Downstream earnings also reached their highest since the beginning of the decade at $4.9 billion, with record U.S. refinery throughput.

As of the last close, CVX was up 26.2% year to date.