Exxon Mobil (XOM) earned $14.5 billion in the second quarter of 2026, more than double the $7.1 billion of a year earlier, and Chevron (CVX) earned $12.1 billion, up from $2.5 billion, as the war with Iran lifted oil prices and refining margins [1][2][4][5]. Chevron reported an average Brent spot price of $104 a barrel for the quarter, against $68 a year earlier [2]. Both stocks then rose in the third quarter, Exxon by 19.0% and Chevron by 23.2%, as Brent climbed back above $100 in September [4][5][6].
How much did Exxon and Chevron earn in Q2 2026?
| Second quarter | Exxon Mobil Q2 2026 | Exxon Q2 2025 | Chevron Q2 2026 | Chevron Q2 2025 |
|---|---|---|---|---|
| Revenue | $114.5 billion | $79.5 billion | $67.2 billion | $44.4 billion |
| Earnings (GAAP) | $14.5 billion | $7.1 billion | $12.1 billion | $2.5 billion |
| Earnings per share (diluted) | $3.48 | $1.64 | $6.11 | $1.45 |
| Adjusted earnings | $14.7 billion | n/a | $12.0 billion | $3.1 billion |
| Cash flow from operations | $23.6 billion | n/a | $22.6 billion | $8.6 billion |
| Production (thousand barrels of oil equivalent a day) | 4,514 | n/a | 4,070 | 3,396 |
Source: company earnings releases filed with the SEC [1][2]; revenue and year-ago earnings from DataPorium quarterly income statements [4][5]. Adjusted earnings exclude one-time items as defined by each company.
Exxon's second-quarter profit was also more than three times its first-quarter earnings of $4.2 billion, which included $706 million of costs tied to the Middle East disruptions [1]. Chevron's earnings rose from $2.2 billion in the first quarter [2]. Chevron said its result included $1.4 billion of favorable timing effects, which it defines as mismatches from valuing derivatives at market prices before the oil is delivered and from inventory accounting [2].
What drove the jump in oil profits?
Higher oil prices
The simplest driver was price. Chevron reported an average Brent spot price of $104 a barrel in the second quarter of 2026, compared with $81 in the first quarter and $68 a year earlier [2]. Every extra dollar per barrel goes almost straight to profit for a producer whose costs are mostly fixed in the short run.
Refining margins
The second driver was refining. Chevron's downstream (refining and marketing) segment earned $4.9 billion in the quarter, against a loss of $817 million in the first quarter, and its US refineries ran at a record 1.07 million barrels a day [2]. Exxon reported record second-quarter diesel production and said its energy products business benefited from strong US Gulf Coast utilization [1]. Diesel has been in short supply worldwide since the conflict disrupted Middle East refining and shipping.
Volumes, with a Middle East exception
Chevron's production rose 20% from a year earlier to 4,070 thousand barrels of oil equivalent a day, mainly because of the Hess assets it acquired and growth in the Permian Basin and the Gulf of America [2]. Exxon's production slipped to 4,514 thousand barrels a day from 4,594 in the first quarter because of the disruption to its Middle East operations; excluding the Middle East, the company said its upstream output was the highest in more than two decades, with record Permian production of more than 1.8 million barrels a day [1].
How are the companies spending the cash?
Exxon generated $17.2 billion of free cash flow in the second quarter and paid out $9.4 billion to shareholders: $4.3 billion in dividends and $5.1 billion in share repurchases [1]. It declared a third-quarter dividend of $1.03 a share [1]. Chevron declared a quarterly dividend of $1.78 a share, and paid $3.5 billion in dividends in the quarter [2].
Both are also investing for growth and cost cuts. Exxon said its cumulative structural cost savings had reached $16.3 billion and that its fifth floating production vessel in Guyana was on track to start in the fourth quarter of 2026, adding 250,000 barrels a day of capacity [1]. Chevron said it reached its $3 billion structural cost reduction target six months early and signed a 20-year agreement to supply 2.67 gigawatts of power to a Microsoft data center in West Texas [2].
On October 6, 2026, Chevron agreed to transfer its stake in Hess Midstream and its DJ Basin crude midstream assets to Hess Midstream in exchange for $200 million and new contracts that it expects to cut its Bakken midstream costs by about 50% [3]. Chevron expects to record a one-time after-tax loss of about $3 billion to $4 billion at closing, which it plans to treat as a special item, and to remove about $3.7 billion of Hess Midstream debt from its balance sheet [3].
What happened to oil stocks and prices in Q3 2026?
DataPorium data show Exxon shares rose from $136.72 on June 30 to $162.75 on September 30, and Chevron from $165.76 to $204.21 [4][5]. For 2026 through September, Exxon was up 35.2% and Chevron 34.0% [4][5]. The S&P 500 energy sector returned 17.2% in the quarter, the best of the 11 sectors [8].
| Measure | Q2 2026 | Q3 2026 |
|---|---|---|
| Average Brent futures price | $96.94 | $91.50 |
| Average WTI futures price | $92.70 | $85.68 |
| Brent at quarter end | $72.92 | $103.53 |
| Exxon share price change | n/a | +19.0% |
| Chevron share price change | n/a | +23.2% |
Source: DataPorium Commodities, averages of daily front-month futures closes; DataPorium stock prices [4][5][6].
The table shows a detail that matters for third-quarter earnings. Oil ended the third quarter much higher than it began, but its average price was lower than in the second quarter, because prices fell to about $71 in early July before climbing again [6]. Profits depend on the average price over the quarter, not the price on the last day. Analysts still expected the S&P 500 energy sector to report earnings growth of 121.1% from a year earlier, because the average oil price in the third quarter of 2026 was 32% above that of the third quarter of 2025, FactSet reported on October 9 [7].
Exxon earned $14.5 billion and Chevron $12.1 billion in Q2 2026 as Brent averaged about $104 a barrel, and both stocks gained about 20% or more in the third quarter.
Frequently asked questions
How much did Exxon earn in Q2 2026?
Exxon Mobil reported second-quarter 2026 earnings of $14.5 billion, or $3.48 a share, and adjusted earnings of $14.7 billion, or $3.52 a share [1].
How much did Chevron earn in Q2 2026?
Chevron reported earnings of $12.1 billion, or $6.11 a share, and adjusted earnings of $12.0 billion, or $6.06 a share [2].
Why are oil company profits so high in 2026?
The war with Iran raised crude prices, with Brent averaging about $104 in Q2 2026 by Chevron's measure, and tightened supplies of refined fuels such as diesel, lifting refining margins [2].
How have Exxon and Chevron stocks performed in 2026?
Through September 30, 2026, Exxon shares were up 35.2% and Chevron 34.0% for the year, DataPorium data show [4][5].
Sources & References
- [1] ExxonMobil, Second-quarter 2026 results (Form 8-K exhibit 99.1, July 31, 2026)
- [2] Chevron, Second-quarter 2026 results (Form 8-K exhibit 99.1, July 31, 2026)
- [3] Chevron, Chevron to divest its ownership interests in Hess Midstream and DJ Basin crude midstream assets (October 6, 2026)
- [4] DataPorium Exxon Mobil (XOM) stock page (prices and quarterly financial statements)
- [5] DataPorium Chevron (CVX) stock page (prices and quarterly financial statements)
- [6] DataPorium Commodities (Brent and WTI crude oil futures)
- [7] FactSet, Earnings Insight (October 9, 2026)
- [8] First Trust Portfolios, The Only Constant is Change (S&P 500 sector total returns, Q3 2026)
