Chevron and ExxonMobil post sharply higher Q2 profits

Chevron and ExxonMobil reported sharply higher second-quarter profits on Friday, July 31, 2026, as elevated oil prices and strong refining margins boosted results, though Exxon's earnings fell short of Wall Street expectations. The financial windfall, driven by ongoing geopolitical tensions in the Middle East, could draw further political scrutiny.

Chevron reported adjusted earnings of $12 billion, or $6.06 per share, surpassing analyst estimates. The company's global upstream production increased more than 5% from the first quarter, with U.S. output reaching a record nearly 2.1 million barrels of oil equivalent per day. Refinery throughput also exceeded 1 million barrels per day. Chief Financial Officer Eimear Bonner said the company generated $19.7 billion in cash flow from operations excluding working capital and reduced its debt by more than $8 billion during the quarter.

ExxonMobil posted adjusted earnings of $14.7 billion, or $3.52 per share, a 67% increase from the first quarter and more than double the profit from the same period last year. However, this result missed analyst forecasts. Chief Financial Officer Neil Hansen attributed the miss to extreme swings in...