Oil Majors’ Q2 2026 Profits Near Record $44 Billion
Five top Western oil companies are poised to report combined Q2 2026 earnings of about $44 billion, their third-highest quarterly haul ever, driven by elevated crude prices during the Iran conflict.
Five leading Western oil producers are on track to post collective profits of roughly $44 billion in the second quarter of 2026. That total would rank as the third-largest quarterly earnings figure for the group, surpassed only by Q2 and Q3 of 2022 when oil prices spiked above $120 a barrel.
The standout performers include ExxonMobil, which reported $14.7 billion in profit — its best result since Q3 2022. Chevron posted a record $12.1 billion, eclipsing the all-time high it set in 2022. Shell contributed $9.8 billion, marking the second-strongest quarterly profit in the company’s history.
Industry earnings are swelling alongside the geopolitical risk premium from the Iran conflict, which has kept oil prices elevated. The surge underscores how integrated majors continue to harvest windfall profits during supply-shock episodes.
Source: The Kobeissi Letter