MacroAug 15, 2026, 11:47 PM

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.

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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

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