ExxonMobil and Chevron post $26.5 billion Q2 profit

Two of the world's largest energy companies, ExxonMobil and Chevron, reported massive second-quarter profits on Friday, July 31, 2026, as soaring oil prices driven by the ongoing conflict with Iran delivered a windfall. The two U.S. giants posted a combined profit of approximately $26.5 billion for the quarter, with Chevron's earnings surging nearly 400% to $12 billion and ExxonMobil's more than doubling to $14.5 billion.

The surge in earnings is directly tied to elevated crude oil prices, which have been sustained by supply disruptions stemming from the war. Brent crude prices averaged above $112 per barrel during the quarter, having spiked even higher earlier in the conflict. This price environment more than compensated for some production losses and operational challenges faced by the companies. Chevron reported record U.S. production of about 2 million barrels per day, while its global output reached 4 million barrels per day. ExxonMobil also increased its production, with significant contributions from its Permian Basin and Guyana operations.

Despite the overall profit boom, ExxonMobil's adjusted earnings per share of $3.52 slightly missed analyst forecasts. The company...