Chevron and Exxon quietly gush over giant profit

One of the best quarters in [Chevron](https://www.chevron.com/-/media/chevron/stories/documents/2Q-2026-earnings-pressrelease.pdf) and [Exxon Mobil’s](https://investor.exxonmobil.com/company-information/press-releases/detail/1208/exxonmobil-announces-second-quarter-2026-results) history was greeted more by quiet approval than a wild “yee-haw!” from the companies. Combined, the U.S. oil giants made some $27 billion in income, or about three times as much as the same period a year ago. The Iran war means bumper petroleum and refining margins for unaffected assets. But with U.S. President Donald Trump blasting high prices at the pump, it’s best for Chevron CVX.N boss Mike Wirth and Exxon’s XOM.N Darren Woods to keep their heads down. While President Trump was [happy to brag](https://truthsocial.com/@realDonaldTrump/posts/116385843841281126) about U.S. oil production and the nation’s ability to export in April, in late June he said gasoline prices must [come down immediately](https://truthsocial.com/@realDonaldTrump/posts/116836032463779667). Of course, no president is happy with elevated pump prices. The [announcement](https://www.justice.gov/opa/pr/justice-department-and-federal-trade-commission-issue-call-action-state-attorneys-general) of a probe into the industry by the Department of Justice and the Federal Trade Commission may also just be bluster. Rather than tempt fate, though, Woods and Wirth talked about how increased efficiency allows both to do more while keeping a lid on spending. Chevron said it has reached $1.5 billion of savings from its acquisition of Hess, or 50% more than promised. Exxon said improved technology would help raise Permian production by 9% a year. When the Strait of Hormuz opens back up matters more. That event is not in the oil companies’ hands, but energy companies will reap record profit and be the subject of populist ire until then. And the companies will be stuck trying to please both investors and Trump, with statements of doing more through efficiency. High commodity prices mean energy companies earn more for the oil they sell. The average spot price, according to the Brent benchmark, was $104 in the quarter, or nearly 30% more than in the first three months of the year. And the companies’ refining operations have a bigger tailwind. Some 9% of global capacity was offline in the quarter, said Exxon, sending prices of products like diesel higher. In past decades, such windfalls set off wild drilling to lift production. Investors now prefer prudence. Chevron gave back $6.5 billion of cash to investors and reduced debt by $8.4 billion over the most recent three months. Exxon’s dividends and share repurchases exceeded $9 billion over the same period, and net debt fell by some $7 billion. Neither raised their capital expenditure plans.

Chevron and Exxon quietly gush over giant profit

Big quarterly profits, but little fanfare

Efficiency, policy pressure and future risks

Higher oil and refining margins boosted results

Cash returns stayed high while spending remained restrained

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