Chevron and Exxon quietly gush over giant profit
XLE•Reuters Breakingviews commentary
The author is a Reuters Breakingviews columnist. The opinions expressed are his own.
By Robert Cyran
NEW YORK, July 31 (Reuters Breakingviews) - Combined, the US oil giants made $27 bln in quarterly profit, or three times as much as a year ago. The Iran war means bumper petroleum and refining margins. With President Trump warning about high gasoline prices, energy bosses keep their heads down, talking about efficiency.
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Context from company results and policy backdrop
Chevron said on July 31 that it earned $12.1 billion in the second quarter of 2026, compared to $2.5 billion in the same quarter last year. The company produced about 4.1 million barrels of oil equivalent per day in the quarter, compared to 3.9 million in the first quarter of the year.
Exxon Mobil also reported quarterly earnings of $14.5 billion, more than twice what it earned in the same period last year. The company produced 4.5 million barrels of oil equivalent per day, slightly less than it did in the first quarter.
On July 3, the U.S. Justice Department’s Antitrust Division and the Federal Trade Commission warned oil companies that they were closely monitoring petroleum markets and gasoline prices, and that the two government divisions were encouraging state attorneys general to conduct investigations. President Trump said earlier that Exxon and Chevron were part of a probe into high gas prices.
