Big Oil Companies Report Record Profits Amid High Oil Prices
Ukraine’s Drone Campaign Drives Russian Oil Refining to 24-Year Low Alex Kimani is a veteran finance writer, investor, engineer and researcher for Safehaven.com.
We are still in the early innings of the earnings season, with roughly a third of S&P 500 companies having returned their second quarter scorecards.
And, it’s shaping up to be yet another bumper earnings season: according toFactSet data, 86% of those companies have exceeded Wall Street’s earnings projections while 80% have beaten revenue expectations.
The Energy sector is reporting the highest earnings growth clip of all 11 market sectors at 128.2% Y/Y, well above theS&P 500average at 37.9%, thanks in large part to higher oil prices amid the Middle East conflict.Brent crudeaveraged $92.55 per barrel in the second quarter, 45% above Q1 2026 average at $63.68/bbl.
At the sub-industry level, 4 of the 5 sub-industries in the energy sector are reporting double-digit earnings growth: Oil & Gas Refining& Marketing (249%), Integrated Oil & Gas (166%), Oil & Gas Exploration & Production (104%), and Oil & Gas Storage & Transportation (11%).
Only the Oil & Gas Equipment & Services sub-industry is reporting an earnings decline at -16% Y/Y.Two of the world’s largest oil and gas companies reported second quarter earnings on Friday.
(NYSE:CVX) reported thehighest quarterly profitsin six years, easily beating Wall Street’s expectations.
Chevron reported Q2 2026 earnings of $6.06 per share, comfortably beating the FactSet consensus estimate of $5.55 while revenue jumped to $70.06 billion (+56.2% Y/Y), beating Wall Street's $62.72 billion projection.
Upstream earnings came in at $8.2 billion, good for a tripling year-over-year, while downstream earnings surged to $4.9 billion, up from $737 million the previous year.
Total production reached 4.07 million barrels of oil equivalent (boe) per day, with U.S.
output hitting an all-time high of 2.08 boe.
Production rose 20% Y/Y, driven by legacy Hess assets, the Permian Basin, and the Gulf of America.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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