Overview
- The two largest U.S. oil majors reported combined second-quarter profits of about $26.6 billion after markets closed on Friday, July 31, 2026, with ExxonMobil posting roughly $14.5–14.7 billion and Chevron reporting about $12.0–12.1 billion.
- Chevron beat analyst estimates with adjusted Q2 earnings of $12.0 billion or $6.06 per share and cited record U.S. production of roughly 2.08 million barrels of oil equivalent per day; Exxon posted its biggest quarterly profit in four years but missed Wall Street EPS consensus by a small margin.
- Both companies credited higher crude prices and record refining margins caused by disrupted shipping through the Strait of Hormuz and damaged regional refining and LNG capacity, with about 450,000 barrels per day of output tied to Qatar LNG remaining largely offline.
- Chevron said it achieved $1.5 billion in synergies early from its Hess acquisition and reduced debt sharply while both firms returned billions to shareholders through dividends and buybacks, boosting cash flow and balance-sheet metrics.
- The windfall profits have drawn political pressure at a sensitive moment for consumers and policymakers, with President Trump directing the Justice Department to review gasoline pricing and lawmakers pressing for explanations or possible policy responses.