ExxonMobil Q2 Profits Set to Surpass $11 Billion on Crude Rally and $3.85 Gas Prices
XOM•ExxonMobil’s Q2 profit is projected to exceed $11 billion, eclipsing the previous record set in Q2 2022 as Brent crude averaged $87 per barrel and U.S. retail gasoline rose to $3.85 per gallon. Former President Trump’s public criticism of soaring fuel costs has driven XOM shares up 5% this month.
1. Profit Projections Soaring
ExxonMobil is on track to report Q2 earnings above $11 billion, surpassing its previous quarterly high from mid-2022. Higher crude averages near $87 per barrel and robust upstream production volumes are driving the record profit forecast.
2. Rising Gas Prices Driving Revenue
U.S. retail gasoline prices climbed to an average of $3.85 per gallon in June, lifting downstream margins for refiners. ExxonMobil’s refining complex utilization rates hit 95%, contributing an estimated $2 billion in additional quarterly earnings.
3. Political Scrutiny Intensifies
Former President Trump has publicly blamed oil companies for elevated pump prices and called for federal price caps. His remarks have intensified regulatory risk concerns, prompting increased analyst attention on potential policy interventions.
4. Market Reaction and Outlook
ExxonMobil shares have rallied approximately 5% since early June, reflecting investor enthusiasm over profit growth. Analysts warn that sustaining these margins will depend on stable crude prices and the absence of stricter price controls.
