Top oil majors hold record cash pile as Q2 free cash flow nears $70bn
ExxonMobil, Chevron, Shell, TotalEnergies and BP generated nearly $70 billion in free cash flow in Q2 2026, the largest quarterly figure on record, while net income jumped 160% year-over-year to $47 billion.
ExxonMobil, Chevron, Shell, TotalEnergies and BP together generated almost $70 billion in free cash flow in Q2 2026, the largest quarterly amount on record and a roughly 600% quarter-over-quarter increase.
The previous peak was about $60 billion in Q2 2022, following Russia's invasion of Ukraine. Combined net income for the group climbed 160% year-over-year to $47 billion last quarter, the third-largest total on record.
The figures underline how the largest oil companies are building unprecedented cash piles during the Iran War.
Source: The Kobeissi Letter