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Oil industry windfall and US political scrutiny

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2026-09-11 15:05 UTC → 2026-09-11 15:07 UTC · added ~~removed~~

Chevron reported second-quarter 2026 results on July 31, 2026, with a net income of $12.1 billion and total quarterly revenue of $70 billion, representing a 56% increase year-over-year. This growth was fueled by a 20% increase in worldwide crude production and record-level production within the United States. Operating cash flow for the quarter rose to $22.6 billion, up from $8.6 billion during the same period the previous year. These financial results, which included adjusted earnings per share of $6.06, arrived as the global oil and gas industry remains on track for a projected $495 billion windfall in 2026. This surge, driven by price increases following the U.S.-Israel war with Iran, has intensified political scrutiny in the United States. President Donald Trump has stated that oil companies are ‘making too much money,’ and three bills have been introduced in Congress seeking to implement windfall profit taxes. On September 9, 2026, Chevron shares reached a 52-week high, closing at $213.78 on the NYSE. The stock's performance was bolstered by strong quarterly results and a major oil agreement between the United States and Venezuela. As the only U.S. oil company remaining active in Venezuela with established infrastructure, Chevron is positioned to benefit from the deal, which provides the U.S. access to approximately 20 oil fields containing an estimated 65 billion barrels of oil. This agreement grants access to roughly 20 percent of Venezuela's total reserves. On September 10, 2026, market reports reaffirmed that the massive deal between the United States and Venezuela provides access to these 20 oil deposits, noting Chevron's continued advantage due to its maintained active infrastructure in the country.

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