{"id":2283,"date":"2026-08-07T08:10:57","date_gmt":"2026-08-07T08:10:57","guid":{"rendered":"https:\/\/coasttocoastmoverss.com\/?p=2283"},"modified":"2026-08-07T08:10:57","modified_gmt":"2026-08-07T08:10:57","slug":"chevron-turned-3-1-billion-loss-into-a-gain-in-one-quarter-amid-heightened-volatility-during-iran-war","status":"publish","type":"post","link":"https:\/\/coasttocoastmoverss.com\/?p=2283","title":{"rendered":"Chevron Turned $3.1 Billion Loss Into A Gain In One Quarter Amid \u2018Heightened Volatility\u2019 During Iran War"},"content":{"rendered":"<div>\n<h2>Big Number<\/h2>\n<p>$12.1 billion. That was Chevron\u2019s reported net income in its latest quarter, far above the $2.5 billion it reported in the same period last year. The figure was driven by increased production volumes and the Iran war, which sent commodity prices higher.<\/p>\n<p>Read more <a href=\"https:\/\/coasttocoastmoverss.com\/?p=2281\">Why Your Total Solar Eclipse Map Is Wrong (And Where To Find The New One)<\/a><\/p>\n<h2>Tangent<\/h2>\n<p>Energy firm Phillips 66 said in an earnings call Wednesday it became the <u>third-largest buyer<\/u> of Venezuelan crude oil, benefiting from maritime trading exemptions doled out by the Trump administration. Phillips 66 was excluded from President Donald Trump\u2019s scrutiny of oil giants this week, as he has blasted Chevron and Exxon for \u201cmaking too much money\u201d amid the Iran war.<\/p>\n<h2>Key Background<\/h2>\n<p>Brent crude, one of the global pricing benchmarks for crude oil, averaged $81 per barrel in the first quarter and surged to an average of $92 per barrel as fears surged around the Iran war. Prices for the oil are up 33% since the start of the year, when the cost for a barrel was about $60. Chevron\u2019s net short position in commodity derivatives means the company profits when oil prices fall. So, as Brent crude surged to well above the $100 mark in March and April, the company eventually benefited from a drop down to about $73 that came in the nick of time for its earnings window. Trump\u2019s anger with Chevron and Exxon\u2019s profits come as gas prices remain stubbornly high despite the recent slump in oil prices, with the president threatening to have the companies \u201cgive some of that back to the public,\u201d though Trump did not elaborate on how that could be done.<\/p>\n<p>Read more <a href=\"https:\/\/coasttocoastmoverss.com\/?p=2279\">Exactly Where To See The Solar Eclipse And Perseid Meteor Shower From Every U.S. State<\/a><\/p>\n<div><\/div>\n<h2>Further Reading<\/h2>\n<p><u>Phillips 66 Says It\u2019s The Third-Largest Buyer Of Venezuelan Crude As Trump Blasts Exxon And Chevron<\/u> (Forbes)<\/p>\n<p>Read more <a href=\"https:\/\/coasttocoastmoverss.com\/?p=2277\">McConnell Discharged From Rehab\u2014Just Before Senate\u2019s 5-Week Recess<\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The swing was rooted in Chevron\u2019s commodity derivatives, which in the company\u2019s case are financial contracts that get their value from oil shipments.<\/p>\n","protected":false},"author":1,"featured_media":2282,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-2283","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - 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