Exxon, Chevron profits double as oil prices surge on Iran war

ExxonMobil and Chevron reported sharply higher second-quarter profits on July 31, 2026, as the Iran war pushed oil prices upward, with Exxon’s net income reaching $14.5 billion and Chevron’s $12 billion.

Chevron’s profit was nearly 400% higher than the $2.5 billion it earned a year earlier, while Exxon’s roughly doubled from about $7.1 billion in the year-ago quarter. Adjusted earnings per share at Chevron were $6.06, beating analyst estimates by 50 cents, while Exxon's $3.52 missed by 8 cents, according to LSEG data.

“We’re kind of firing on all cylinders, which is good, because the world needs it,” Chevron CEO Mike Wirth told CNBC’s Becky Quick.

U.S. crude oil futures averaged $92.45 per barrel from April through June, a 27% increase over the previous quarter.

Chevron’s U.S. production hit an all-time high of about 2 million barrels per day as exports surged due to the Middle East supply disruption. Worldwide output reached 4 million bpd, a 20% increase from 3.4 million bpd a year earlier. Exxon’s worldwide production reached 4.5 million barrels per day, with output in the Permian Basin setting a record and upstream production hitting its highest level in more than 20 years, excluding disruptions in the Middle East.

Shares of Chevron rose about 1% in premarket trading, while Exxon shares fell nearly 2%.