ExxonMobil and Chevron reported more than $26 billion in combined second-quarter profit on Friday, as higher oil prices and stronger refining margins lifted the two largest US-based international oil companies during disruption linked to the Iran conflict. Exxon earned $14.5 billion in the three months through June, while Chevron reported $12.1 billion, according to company statements and Axios.
Exxon's profit more than doubled from $7.1 billion a year earlier and rose sharply from $4.2 billion in the first quarter. Chevron's result was almost five times its $2.5 billion profit in the same period of 2025. The results cover April through June, when constrained petroleum shipments through the Strait of Hormuz pushed crude and fuel prices higher across global markets.
Exxon reported earnings of $3.48 per share, operating cash flow of $23.6 billion and free cash flow of $17.2 billion. It returned $9.4 billion to shareholders through dividends and share repurchases. The company said production outside disrupted Middle Eastern operations reached its highest level in more than two decades, supported by record output of more than 1.8 million oil-equivalent barrels a day in the Permian Basin.
Chevron benefited from both higher crude prices and refining economics, with independent reporting noting that its quarterly refining profit increased about sixfold despite lower processing and product sales. Exxon also posted record second-quarter diesel production, although maintenance affected its performance and its shares closed 0.97 percent lower after profit missed market expectations, Axios reported.
The earnings highlight the uneven economic effects of the supply shock. AP News reported that regular US gasoline averaged $4.10 a gallon this week, about $1 above a year earlier, while diesel and jet-fuel costs have also risen. The companies do not set crude prices, which respond to supply, demand and trading, but their integrated production and refining networks positioned them to capture wider margins. Investors will now watch oil prices, shipping access and refinery operations to judge whether the second-quarter windfall can persist.
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