ExxonMobil and Chevron just posted a combined $26.6 billion in quarterly profit. Three months earlier, they were licking their wounds from production disruptions and hedging losses.
ExxonMobil’s second-quarter 2026 earnings came in at $14.53 billion, a 105% increase year-on-year. Chevron nearly quadrupled its profits to $12.07 billion, reflecting a 385% jump over the same period last year. Brent crude prices peaked above $112 per barrel, driven by supply chain disruptions stemming from the ongoing US-Iran conflict.
From red flags to record hauls
In Q1 2026, Exxon reported a profit drop of approximately 45% to $4.2 billion. Chevron’s earnings fell about 37% to $2.2 billion. Production disruptions, shipping bottlenecks, and roughly $3.9 billion in timing effects and hedging losses at Exxon made the first quarter look bleak.
Both firms still faced production losses estimated at around 6%. But when crude is trading north of $112, you can lose some barrels and still come out ahead. The price more than compensated for the volume shortfall.
