ExxonMobil and Chevron reported a combined profit of $26.5 billion in the second quarter of 2026, driven by increased oil production and refining. Chevron's net income of $12.2 billion surged nearly fivefold from the previous year, while Exxon earned $14.5 billion, doubling its profit compared to last year. This uptick in earnings was fueled by high crude prices following supply disruptions due to the Iran war. Both companies are facing scrutiny over rising gasoline prices, with President Trump initiating investigations into possible price gouging. The national average gasoline price stands at $4.11, significantly higher than Trump's desired price of $2.25.

Type your search and press Enter


	WTI Crude •6 hours	84.67	+1.08	+1.29%
	Brent Crude •5 hours	87.93	+1.05	+1.21%
	Murban Crude •16 mins	85.49	+1.06	+1.26%
	Natural Gas •6 hours	2.747	-0.011	-0.40%
	Heating Oil •6 hours	4.122	-0.088	-2.09%
	Gasoline •6 hours	3.114	-0.017	-0.55%
Click Here for 150+ Global Oil Prices


Gasoline •6 hours	3.114	-0.017	-0.55%
Heating Oil •6 hours	4.122	-0.088	-2.09%
WTI Midland •8 hours	85.96	+1.62	+1.92%
Opec Basket •3 days	88.39	+2.53	+2.95%
Indian Basket •3 days	88.87	+4.61	+5.47%

Click Here for 150+ Global Oil Prices Link


	Marine •711 days	75.08	-2.22	-2.87%
	Murban •711 days	76.34	-1.97	-2.52%
	Iran Heavy •397 days	64.96	-0.76	-1.16%
	Basra Light •1705 days	71.69	-3.60	-4.78%
	Saharan Blend •397 days	68.65	-0.72	-1.04%
	Bonny Light •152 days	67.66	+3.95	+6.20%
Click Here for 150+ Global Oil Prices


Bonny Light •152 days	67.66	+3.95	+6.20%
Girassol •711 days	79.56	-1.80	-2.21%
Opec Basket •3 days	88.39	+2.53	+2.95%

Click Here for 150+ Global Oil Prices Link


	Canadian Crude Index •1158 days	53.57	-1.23	-2.24%
	Western Canadian Select •21 hours	71.24	-0.87	-1.21%
	Canadian Condensate •21 hours	85.74	-0.87	-1.00%
	Premium Synthetic •21 hours	83.99	-0.87	-1.03%
	Sweet Crude •21 hours	77.84	-0.87	-1.11%
	Peace Sour •21 hours	75.59	-0.87	-1.14%
Click Here for 150+ Global Oil Prices


Peace Sour •21 hours	75.59	-0.87	-1.14%
Light Sour Blend •21 hours	75.84	-0.87	-1.13%
Syncrude Sweet Premium •21 hours	80.09	-0.87	-1.07%
Central Alberta •21 hours	75.44	-0.87	-1.14%

Click Here for 150+ Global Oil Prices Link


	Louisiana Light •4 days	82.61	-3.89	-4.50%
	Domestic Swt. @ Cushing •3 days	80.94	+5.20	+6.87%
	Giddings •3 days	74.69	+5.20	+7.48%
	ANS West Coast •4 days	77.36	-1.39	-1.77%
	West Texas Sour •3 days	79.94	+5.20	+6.96%
	Eagle Ford •3 days	80.94	+5.20	+6.87%
Click Here for 150+ Global Oil Prices


Eagle Ford •3 days	80.94	+5.20	+6.87%
Oklahoma Sweet •3 days	81.00	+3.75	+4.85%
Kansas Common •3 days	71.29	+5.20	+7.87%
Buena Vista •488 days	70.40	+1.10	+1.59%

Click Here for 150+ Global Oil Prices Link

All Charts

Headlines
9 hoursExxon and Chevron’s $26.5 Billion Quarter Draws Trump’s Ire
11 hoursUkraine Strikes Lukoil's Volgograd Refinery as Drone Attacks Resume
12 hoursChina's Solar Capacity Set to Overtake Coal This Quarter
13 hoursADNOC Unveils New Crude Pricing Mechanism
14 hoursShell Sells Cyprus Gas Stake to MOL for $720 Million
15 hoursOil Prices Inch Higher as Iran Strikes U.S. Bases in Kuwait and Bahrain
16 hoursSix Saudi Oil Tankers Reroute Around Africa to Dodge Houthi Threat
18 hoursADNOC Buys Five Supertankers as Hormuz Crisis Tightens Shipping
19 hoursBP Puts Its North Sea Oil Business Up for Sale
20 hoursJapan Has Enough LNG to Avoid Summer Power Shortages
21 hoursCaspian Oil Pipeline Shuts Down Again After Black Sea Drone Attack
22 hoursOil Prices Head for 20% Monthly Surge Despite Recent Pullback
1 dayWar Sends Saudi Oil Output Down and Revenue Up
1 dayDesperate for Fuel, Russia Looks to Kazakhstan for Refining Capacity
1 dayRussia Extends Diesel and Gasoline Export Bans Into 2027
1 dayCoal Falls Below 50% Of China's Power Mix For First Time Ever
2 daysOil Price Shock Fuels 35% Surge in Global EV Sales
2 daysQatar Turns to American LNG After Iran War Cripples Ras Laffan
2 daysGoldman Sachs: Diesel Crunch Is Now the Biggest Threat in Oil Markets
2 daysIran Says Two Oil Tankers Ditched Attempt to Transit Hormuz
2 daysChina’s Coal Prices Surge as Scorching Heat Drives Power Demand
2 daysShell Reports $9.8 Billion in Adjusted Earnings as Energy Prices Surge
2 daysQatar Sends First LNG Cargo Through Hormuz Since Tanker Attack
2 daysJapan Buys Rare Canadian Oil Cargo
2 daysOil Prices Slip Despite New Attacks Across the Middle East
2 daysGlencore Sees $3.3 Billion Trading Profit as Iran War Rattles Oil Markets
2 daysIndian Oil Eyes Stakes In Gas Carriers To Cut U.S. LPG Freight Costs
3 daysTaiwan Halts $800 Million in Spot LNG Buys From Papua New Guinea
3 daysOil Jumps 7% As Trump Threatens Iran Hours Before Fed Decision
3 daysWorld Nuclear Association: $6 Trillion Needed to Hit 2050 Capacity Goals
3 daysUK Regulator Targets Data Center Land Grab on the Power Grid
3 daysIran Rejects Oman’s Proposal to Evenly Divide Hormuz Control
3 daysHouthis Claim Attack on Saudi Oil Tanker in Red Sea
3 daysEni Increases 2026 Buybacks as Production Growth Accelerates
3 daysU.S.-Saudi Consortium Plans $5 Billion Gulf Refinery Outside Hormuz
3 daysADNOC Defies Hormuz Risks as UAE LNG Exports Continue
3 daysNew Zealand Awards First Offshore Oil License Since Ending Drilling Ban
3 daysOil Prices Surge on Fresh Middle East Strikes and API Crude Draw
3 daysAPI Reports Sharp U.S. Crude Stock Draw as SPR Hits New Low
3 daysOPEC+ Prepares to Stop Raising Oil Output Targets

Breaking News:

Exxon and Chevron’s $26.5 Billion Quarter Draws Trump’s Ire

Find us on:

US Oil Inventories Sag as Hormuz Turmoil Rages On

Crude oil inventories in the…

Energy investors are raving about this new resource

"It's most important 8 minute read of my week…"

Julianne Geiger

Julianne Geiger is a veteran energy journalist and market analyst with more than a decade of experience covering the global oil and gas sector. Her…

More Info

Set us as your preferred Google source

Exxon and Chevron’s $26.5 Billion Quarter Draws Trump’s Ire

By Julianne Geiger - Jul 31, 2026, 1:05 PM CDT

ExxonMobil and Chevron made a combined $26.5 billion in the second quarter after producing more oil, refining more fuel, and selling all of it into a market scrambled by war.

Washington is investigating why gasoline costs so much.

Chevron reported record net income of $12.2 billion, nearly five times its year-ago profit. Exxon earned $14.5 billion, double what it made during the same quarter last year and its best result since oil prices soared following Russia’s invasion of Ukraine.

The Iran war sent crude prices sky high after Gulf production fell and tanker traffic through the Strait of Hormuz collapsed. It did worse things to gasoline and diesel markets, where Middle Eastern refinery outages piled onto lost Russian capacity and China’s reluctance to export more fuel.

Chevron’s refining profit jumped to $4.9 billion from $737 million a year earlier. Exxon’s refining business earned $5.5 billion after losing $1.3 billion in the first quarter.

Exxon CFO Neil Hansen said the bigger price problem is no longer crude. It is the shrinking availability of the products made from it.

Chevron’s global production reached 4 million barrels of oil equivalent per day, helped by its Hess acquisition, while U.S. output hit a record 2 million bpd. Exxon produced 4.5 million bpd, with Permian output also reaching a record. Their refineries ran close to capacity.

President Donald Trump still wants gasoline at $2.25 per gallon. The national average is $4.11.

There is a small hitch with that comparison: gasoline last averaged $2.25 during the pandemic, when Americans stopped driving and oil demand collapsed. Recreating that price may prove difficult.

Trump has ordered a Justice Department investigation into alleged price gouging, and an export ban is no longer being dismissed entirely. Chevron warned that restricting exports would discourage investment and eventually leave the market with less supply.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com

Join the discussion | Back to homepage

Set us as your preferred Google source

FACEBOOK Twitter GOOGLE+ LINKEDIN REDDIT PRINT

Ukraine Strikes Lukoil's Volgograd Refinery as Drone Attacks Resume

Julianne Geiger

Julianne Geiger is a veteran energy journalist and market analyst with more than a decade of experience covering the global oil and gas sector. Her…

More Info

Shell Sells Cyprus Gas Stake to MOL for $720 Million Oil Prices Inch Higher as Iran Strikes U.S. Bases in Kuwait and Bahrain Six Saudi Oil Tankers Reroute Around Africa to Dodge Houthi Threat