ExxonMobil and Chevron have amassed combined profits exceeding $26.6 billion from soaring oil prices and refining margins following the Middle East war, but they warn that gasoline prices in the US may remain high, affecting consumers' cost of living.
On 31 July 2026, ExxonMobil and Chevron, two major US oil producers, reported sharply increased second-quarter earnings after the US-Iran conflict disrupted global oil exports and refining capacity.
Reports state ExxonMobil's net profit for Q2 was $14.5 billion (approximately 470 billion baht), more than double compared to the same period last year. Meanwhile, Chevron posted profits of $12.1 billion (around 390 billion baht), a fivefold increase, bringing their combined profits to about $26.6 billion (nearly 860 billion baht).
The profit growth reflects higher oil prices and surging refining margins, which have significantly offset the impacts of war and production disruptions in some regions. However, executives from both companies caution that gasoline prices may remain elevated due to reduced global refining capacity and ongoing disruptions in oil transport through the Strait of Hormuz.
Source: Al Jazeera