Chevron reports $12.1 billion Q2 profit amid rising windfall tax calls

Chevron Corporation reported second-quarter 2026 results on July 31, 2026, with adjusted earnings per share of $6.06 and a net income of $12.1 billion. Total quarterly revenue reached $70 billion, a 56% increase year-over-year. This growth was driven by a 20% increase in worldwide crude production and record-level production in the United States. Operating cash flow rose to $22.6 billion, compared to $8.6 billion in the same period the previous year.

The surge in corporate profits comes amid broader industry trends. Wood Mackenzie estimates the global oil and gas industry is on track for a $495 billion windfall in 2026, driven by price increases following the U.S.-Israel war with Iran. This spike in profitability has led to increased political pressure in the United States, where three bills seeking to tax windfall profits are currently in Congress. President Donald Trump has also commented that oil companies are making excessive profits.