The Wall Street Journal reports that ExxonMobil and Chevron delivered blockbuster second-quarter 2026 earnings, benefiting from higher oil and fuel prices caused by geopolitical turmoil in the Middle East. Exxon earned about $14.5 billion, its strongest quarterly profit since 2022, while Chevron posted a record $12.1 billion. Both companies also benefited from strong refining margins, increased production, and years of cost-cutting. The WSJ writes:
“America’s largest oil companies reported a blockbuster quarter after the Iran war caused a historic dislocation in global markets that sent energy prices soaring.
At ExxonMobil XOM 0.14%increase; up pointing triangle, profits more than doubled from a year earlier to their highest level since 2022, while Chevron CVX 0.23%increase; up pointing triangle reported its highest quarterly earnings on record[…]
Despite the windfall, both companies emphasized disciplined capital spending rather than aggressive expansion, returning billions to shareholders through dividends and share buybacks. The results highlight how global supply disruptions and limited refining capacity have boosted profits, even as energy markets remain highly volatile.
