BUSINESS

United States oil giants report $26.5 billion profits

PUBLISHED Jul 31, 2026, 8:32 AM ET

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Media Bias Meter

Sources: 25

Left 4%

Center 92%

Right 4%

Sources: 25

WASHINGTON — ExxonMobil and Chevron reported a combined $26.5 billion in quarterly profits as elevated fuel prices strain U.S. consumers while boosting returns for the oil majors. ExxonMobil disclosed $14.5 billion in earnings for the quarter ending last month, more than double the profit from the same period a year earlier. Chief Executive Darren Woods said the results reflected severe market disruption in global energy supply. Chevron posted $12 billion in earnings, a $9.6 billion jump from last year and the company’s highest quarterly profit since 2020, which Chief Executive Mike Wirth attributed to disciplined investment, record U.S. upstream production and high refinery crude throughput. WASHINGTON — The surging profits coincided with nationwide retail gasoline prices averaging more than $4 per gallon, placing heavy pressure on American motorists and household budgets even as investors welcomed the results. Analysts said the gains stem heavily from global energy market disruptions linked to ongoing geopolitical conflicts, and Wood MacKenzie estimated the wider oil industry could see a $425 billion annual windfall if crude averages $90 per barrel this year. Despite the influx of cash, major energy companies have remained cautious about pouring capital into expanded domestic drilling, and the latest earnings have fueled political backlash in Washington, where lawmakers renewed calls for windfall profit taxes.

By Sarah Whitman | JQJO News

Timeline of Events

On June 24, 2026: President Trump demanded federal investigations into surging retail fuel prices. On July 1, 2026: Middle East supply shocks escalated crude oil shipping cost pressures.On July 15, 2026: Analysts predicted massive windfall profits for major American oil producers.On July 28, 2026: National retail gasoline averages climbed past four dollars per gallon.On July 31, 2026 (6:30 AM): ExxonMobil reported fourteen point five billion dollars in quarterly earnings.On July 31, 2026 (6:32 AM): Chevron announced twelve billion dollars in adjusted second quarter profits. On July 31, 2026 (10:00 AM): Congressional lawmakers renewed intense political attacks regarding corporate windfall earnings.Lawmakers will likely introduce strict windfall tax legislation in Congress.Public outrage over high gas prices may influence midterm voting outcomes. Energy companies will expand shareholder buybacks despite ongoing political pressure.

News Intelligence

Consumers face steep fuel costs while energy firms reap profits.
Persistent high energy prices could trigger aggressive federal tax legislation.
American motorists commuters transport workers and households facing elevated inflation.
Monitor retail fuel price trends and upcoming congressional energy hearings.

Media Bias

Articles Published:: 25
Right Leaning:: 1
Left Leaning:: 1
Neutral:: 23

Explain Framing

Progressive lawmakers condemn corporate greed demanding immediate windfall profit taxation. Financial analysts attribute surging energy earnings to global supply disruptions. Market forces and record production drive energy sector financial success.