Overview
- Analysts and market reports show Exxon and Chevron are set to record sharply higher second-quarter profits driven by the crude price spike and trading gains during the market turmoil.
- Shell on July 7 raised its Q2 integrated gas guidance to 610,000–650,000 boe/d while saying gas trading and optimization results will be significantly higher than in Q1.
- Physical production was hit by attacks in the Gulf, with Shell’s Pearl GTL in Qatar remaining offline since March and Qatari LNG output reduced, lowering integrated gas volumes.
- Shell forecast a $1 billion–$6 billion working-capital inflow for Q2 and raised indicative refining and chemicals margins, showing that price moves and trading, not just production, are driving cash flow.
- President Trump has ordered a Justice Department price‑gouging probe and demanded immediate pump-price cuts, and markets are watching late‑July earnings for confirmation of trading and refining windfalls.