Exxon Mobil and Chevron reported substantial increases in second-quarter 2026 earnings as higher crude oil and refined-product prices supported their upstream and refining operations. Exxon Mobil earned $14.53 billion, an increase of 105% from the same quarter a year earlier, while revenue rose 42% to $116.02 billion. Chevron reported $12.07 billion in profit, up 385%, with quarterly revenue increasing 56% to $70.06 billion.
Energy prices moved higher as petroleum shipments through the Strait of Hormuz were sharply reduced during the U.S.-Iran conflict. Brent crude advanced from approximately $70 per barrel to more than $100 for much of the spring, briefly reaching $126. The average U.S. price for regular gasoline also reached $4.10 per gallon, about $1 higher than a year earlier. U.S. refineries with dependable crude supplies benefited from wider margins, with estimated late-July returns reaching $50 to $60 per barrel compared with a more typical range of $20 to $25.
The results demonstrate how geopolitics, supply availability and refining capacity can influence energy markets and company performance. For mineral and royalty owners, understanding the factors affecting oil prices and their relationship to oil and gas royalties can provide useful context when evaluating revenue and broader market conditions.
Source: Houston Public Media
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