Mücahithan Avcıoğlu
31 July 2026•Update: 31 July 2026
US energy giants ExxonMobil and Chevron reported sharply higher second-quarter earnings on Friday as geopolitical tensions in the Middle East drove oil prices and refining margins higher.
ExxonMobil's net earnings rose 105.1% year-on-year to $14.5 billion in the April-June period from $7.1 billion in the same quarter of 2025.
Earnings per share increased to $3.48 from $1.64, while adjusted earnings totaled $14.7 billion, or $3.52 per share.
The company generated $23.6 billion in cash flow from operating activities and $17.2 billion in free cash flow during the quarter. It distributed $9.4 billion to shareholders through dividends and share repurchases.
"The second quarter was shaped by disruption, but defined by execution," ExxonMobil CEO Darren Woods said.
The company said it recorded its highest upstream production in more than two decades, excluding volumes affected by Middle East disruptions. It also reported record production in the Permian Basin and record second-quarter diesel output.
Chevron's net earnings surged 384.8% year-on-year to a quarterly record of $12.1 billion from $2.5 billion in the second quarter of 2025.
Diluted earnings per share climbed to $6.11 from $1.45, while adjusted earnings reached about $12 billion, or $6.06 per share.
Chevron said the increase was primarily driven by higher commodity prices, stronger refined product margins, reliable operations and higher sales volumes.
"Faced with geopolitical uncertainty and market volatility, Chevron's people remain focused on safely delivering the reliable energy the world needs," Chairman and CEO Mike Wirth said.
Chevron said worldwide oil-equivalent production increased 20% year-on-year, supported by assets acquired from Hess and growth in the Permian Basin and the Gulf of America. The company also reported record US refinery crude throughput.
The average Brent crude price cited in Chevron’s results rose to $104 per barrel during the quarter from $68 in the same period last year.
Escalating tensions in the Middle East and disruptions affecting critical energy transportation routes, including the Strait of Hormuz, restricted supplies and pushed global oil and refined product prices higher during the quarter.
