Big Oil Profit Soars on Energy Market Chaos
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Here's your midday brief for Friday, July 31st. I'm Alex Osola for The Wall Street Journal. First up, the latest in earnings. Big oil is posting massive profits thanks to the logjam in the Strait of Hormuz and the big jump in energy prices. ExxonMobil's profit more than doubled from last year to $14.5 billion. That's the highest level since 2022. And Chevron's jumped nearly fivefold to $12.1 billion, a new record for its quarterly earnings. Nuclear technology supplier Westinghouse Electric has confidentially filed for an initial public offering. Nuclear power provides about a fifth of U.S. electricity generation, but there have been few projects built since the early 1990s. Rising demand for electricity has revived interest in nuclear power, and last year the U.S.
said it would partner with Westinghouse to get $80 billion of new reactors under construction. And New York State is suing prediction market platform Kalshi, saying that the company is running an illegal gambling operation. The state attorney general's office is asking the court to ban Kalshi from operating in New York without a gambling license. The lawsuit also asked the court to force Kalshi to forfeit its gains. Kalshi is calling the lawsuit political theater, and the company said states cannot shut down a federally licensed exchange. Heads Up and Artificial Intelligence Tool helped us make this episode by creating summaries that were based on WSJ reporting and then reviewed and adapted by an editor.
And we have a lot more coverage on the WSJ's What's News. Listen and subscribe wherever you get your podcasts.
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