Chevron Q2 profit jumps 400% as US‑Iran war lifts oil prices
Chevron reported a second‑quarter adjusted profit of $12.1 billion, a rise of about 384 % year‑on‑year, with earnings per share of $6.06 beating the $5.56 consensus. The company also announced a quarterly dividend of $1.63 per share, yielding roughly 4.2 %, and reduced its debt by $8.4 billion.
Exxon Mobil posted a second‑quarter profit of $14.5 billion, more than doubling its prior‑year earnings. The firm’s profit translated to roughly $160 million per day, driven by record refining margins as global oil prices surged more than 40 % in 2026.
The surge in profits follows the US‑Iran conflict that has disrupted oil shipments through the Strait of Hormuz, cutting an estimated 6‑7 million barrels per day of worldwide refining capacity. Brent crude prices climbed from about $70 to above $100 per barrel during the quarter, pushing gasoline prices in the United States above $4 per gallon and inflating margins for major oil majors.
Entities: Chevron · Chevron Corp · Chevron Corporation · Donald Trump · Exxon Mobil · Exxon Mobil Corporation · ExxonMobil · Global Witness · International Energy Agency · Iran · Mike Wirth · Patrick Galey
Claims
What the coverage asserts, and how well corroborated each claim is across sources.
- [● 2 SOURCES] Fuel rationing occurred in Australia and government office closures in Nepal and Sri Lanka. (existing)
- [● 2 SOURCES] Six of Europe’s largest oil companies posted first‑quarter profits of $22 billion, 43 % higher than the same period last year.
- [● 2 SOURCES] Brent crude rose from about $70 to over $100 a barrel, peaking at $126 during March‑May 2026. (existing)
- [● 2 SOURCES] Gasoline, diesel and jet‑fuel prices increased, raising costs for drivers and airline passengers.
- [● 2 SOURCES] Exxon Mobil and Chevron are expected to report large second‑quarter profits.
- [● 3 SOURCES] The US‑Iran conflict halted most shipping through the Strait of Hormuz. (existing)
- [○ 1 SOURCE] Lawmakers have proposed taxing major oil producers for war windfall profits. (existing)
- [○ 1 SOURCE] Energy companies say oil price changes are driven by market supply and demand, not by the companies directly setting prices.
- [● 4 SOURCES] Exxon Mobil’s profit equals about $160 million per day. (existing)
- [● 4 SOURCES] The US‑Iran war has eliminated about 6–7 million barrels of refining capacity per day worldwide. (refinery capacity loss)
- [● 4 SOURCES] Global oil prices have risen more than 40% in 2026, driven by the US‑Iran war. (oil price surge)
- [DISPUTED] ExxonMobil reported an adjusted Q2 2026 profit of about $14.5 billion. (ExxonMobil profit)