Exxon, Chevron earnings propelled by war-driven refining surge
Summary
Exxon and Chevron reported strong financial results driven by an increase in refining activity. This profit growth was supported by market conditions connected to ongoing armed conflicts.
Our Take
While tech sells off, energy is doing the opposite. Exxon and Chevron both beat expectations on huge refining profits, and both stocks pushed to new 52-week highs this morning: Chevron traded up to $236.46 and Exxon up to $188.50, while the XLE energy ETF also hit a new high. That's a clear rotation: money leaving AI and chip names is finding a home in companies generating real cash right now. The catch is that this profit boost comes from war-driven fuel prices, which can reverse quickly if the conflict eases or diesel prices cool off. We'd watch whether XOM and CVX can hold above their old 52-week highs, $184.88 and $234.08, into the close. Holding those levels would turn them into support; slipping back below would suggest the move was just a one-day earnings pop.
Opinion of Tech & Money Press. Not financial advice.
Source: Read the full story at Stock Market News