ExxonMobil and Chevron Post USD 26.6 Billion Combined Q2 Profit on Higher Crude Prices

ExxonMobil and Chevron reported combined second-quarter net income of USD 26.6 billion, after ExxonMobil's profit more than doubled and Chevron's rose nearly fivefold on higher oil prices tied to tensions in the Middle East.

ExxonMobil's net income rose 105.1% year over year in the second quarter to USD 14.5 billion. The company had reported USD 7.1 billion in the same quarter of 2025. Earnings per share moved from USD 1.64 to USD 3.48.

Chevron's net income climbed 384.8% year over year to USD 12.1 billion, against USD 2.5 billion in the year-earlier quarter. Per-share earnings widened from USD 1.45 to USD 6.11, a larger absolute move than at its bigger rival.

Both US energy companies released accounts covering the April to June 2026 period. The reports were carried on July 31, 2026.

The driver named in the reporting is the same for both: oil prices lifted by tension in the Middle East. Escalating geopolitical risk in the region, together with disruption on critical shipping routes such as the Strait of Hormuz, tightened crude supply and pushed global energy prices higher.

The gap between the two results is one of starting point rather than direction. Chevron entered the quarter from a much lower base, USD 2.5 billion, which magnifies its percentage gain. ExxonMobil's USD 7.1 billion base produced a smaller headline percentage on a larger absolute increase of USD 7.4 billion.

On a per-share basis, Chevron's USD 6.11 now exceeds ExxonMobil's USD 3.48, reversing the ordering of the year-earlier quarter, when ExxonMobil reported USD 1.64 against Chevron's USD 1.45.

The supply-side mechanism described in the reporting runs through shipping. Disruption on routes including the Strait of Hormuz narrowed available crude volumes, feeding through to the global energy prices that set realizations for both producers.