ExxonMobil and Chevron reported their largest quarterly profits in years, together earning nearly $26.6 billion in the second quarter of 2026 as the war with Iran pushed oil prices sharply higher.
ExxonMobil posted a profit of $14.525 billion between April and June, more than double its result from the same period a year earlier and its best quarterly performance in four years. Chevron earned $12.072 billion in the same quarter, nearly five times its year-ago figure and its highest quarterly profit in at least six years.
The surge reflects the impact of rising crude prices since the United States and Israel struck Iran in late February and Tehran responded by blocking the Strait of Hormuz, through which roughly one-fifth of the world’s traded oil and natural gas passes. Brent crude surpassed $120 a barrel after the conflict began and was trading around $90 on Friday.
Despite the windfall, the two companies are retaining much of the extra cash rather than reinvesting it in substantially higher output, according to an analysis by energy consultancy Wood Mackenzie cited by US media. The industry expects to spend less on oil and gas production this year than in 2025, amid concern that an abrupt end to the conflict could trigger a sharp price drop before companies recoup investments in new projects.
Tom Ellacott, Wood Mackenzie’s senior vice president of corporate research, told the Times there was too much uncertainty about prices and how the situation would evolve. The consultancy estimated the sector could collect $425 billion in windfall profits this year if crude averages $90 a barrel, according to the Post.
Chevron’s production rose 20 percent year-on-year in the quarter to a record 4.07 million barrels per day, driven by its Permian Basin and Gulf of Mexico operations. ExxonMobil’s output fell 1.7 percent to 4.51 million barrels per day, partly because of disruptions in the Middle East.
