ExxonMobil and Chevron, two major oil companies, reported substantial increases in their second-quarter 2026 profits, primarily driven by rising oil prices attributed to the conflict in Iran. ExxonMobil more than doubled its profits to $14.53 billion, a 105% increase from the same quarter last year, and generated $116.02 billion in revenue, up 42%. Chevron also saw its profits nearly quadruple to $12.07 billion, marking a 385% rise from the previous year, with revenues reaching $70.06 billion, a 56% increase.
The surge in profits is directly linked to the higher prices oil companies could command for their products. Analysts noted that refineries, typically expecting $20-$25 profit per barrel when oil cost approximately $80, were seeing potential profits of $50-$60 per barrel during this period.
Chevron's reported earnings for the second quarter were $12.1 billion, or $6.11 per share diluted. After accounting for an asset sale gain of $230 million, pension settlement costs of $86 million, and negative foreign currency effects of $49 million, adjusted earnings for Chevron were $12.0 billion, or $6.06 per share diluted. The company also significantly reduced its total debt by a record $8.4 billion during the quarter. ExxonMobil's overall profit was $14.7 billion, with adjusted second-quarter earnings of $4.7 billion, slightly missing analyst expectations.
The conflict between the U.S. and Iran has been a key factor in these windfall profits, allowing major publicly traded oil companies to sell their goods at significantly higher prices. Gasoline prices also saw an increase, reaching $4.11 per gallon, which is about $1 more than the cost at the same time last year.
