Oil Giants Post $26.5 Billion in Q2 Profits as U.S. Iran Conflict Fuels Gas Prices

In the second quarter of 2026, ExxonMobil and Chevron each reported record earnings that together total $26.5 billion. Chevron announced $12 billion in profit—its highest quarterly gain in six years—while Exxon posted $14.5 billion. Both companies highlighted large shareholder payouts, with Exxon’s distributions reaching $9.4 billion, including $4.3 billion in dividends and $5.1 billion in share repurchases.

Common Dreams

The surge in earnings follows the United States’ “illegal war on Iran” declared by President Donald Trump, which analysts say has lifted global oil prices and pushed the national average gasoline price to $4.1 per gallon. A recent Harris poll found 95 % of Americans view the nation as facing an affordability crisis, citing fuel and food costs as primary concerns.

Common Dreams

• Combined Q2 profit: $26.5 billion (Chevron $12 billion; Exxon $14.5 billion).

Common Dreams

• Exxon’s shareholder distributions: $9.4 billion (dividends $4.3 billion; share repurchases $5.1 billion).

Common Dreams

• National average gasoline price: $4.1 per gallon.

Common Dreams

The administration has not offered a policy response to the windfall earnings of the oil majors.

Common Dreams

• “President Trump has made the calculus explicit in his own words. When it comes to families facing increasing prices in the context of the Iran war, he said: ‘I don’t think about Americans’ financial situation.'” — Sierra Club

Common Dreams