ExxonMobil and Chevron repeated $26.5 billion in combined profits in the second quarter of 2026 as US President Donald Trump’s illegal war on Iran drove up gas prices around the world, punishing consumers at the pump while boosting oil companies’ bottom lines.
Chevron on Friday announced $12 billion in profits for the second quarter—its highest quarterly profit in six years—while Exxon posted $14.5 billion. Exxon touted its “industry-leading shareholder distributions,” which “totaled $9.4 billion, including $4.3 billion of dividends and $5.1 billion of share repurchases.”
Reuters noted that the two companies’ results “mirrored those of European oil majors TotalEnergies and Shell, which also posted banner second-quarter profits buoyed by higher oil prices.”
The oil giants’ earnings came weeks after a Harris survey found that 95% of Americans believe the US is facing an affordability crisis, with gas and groceries at the top of the list of “unaffordable goods and services.” The current national average price for a gallon of gas is $4.1.
“The pattern is consistent: While Americans suffer from high prices and the Iran war imposes tens of billions of dollars of new costs on the American public, the oil industry wins big,” a group of Democratic senators wrote in a recent letter. “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 said Thursday that Big Oil’s wartime profits are “paid by you,” and called for a “windfall profits tax to recover a portion of the excess profits oil companies rake in during a global crisis and return that money to the people who paid higher prices.”
“At the same time as oil and gas companies are preparing for a multibillion-dollar payday, they are working with the Trump administration to block investment in clean energy sources that would make American families more energy independent,” the group added. “It’s time to make polluters pay.”
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