Major Oil Companies' Combined Second-Quarter Profits Total Approximately $48 Billion

en.Wedoany.com Reported - ExxonMobil, Chevron, Shell, BP, and TotalEnergies reported their second-quarter 2026 results. Based on each company's primary earnings metric, combined quarterly profits totaled approximately $48.4 billion. Higher international oil prices and improved refining margins were the main drivers of earnings growth, while some companies' production and exports in the Middle East were affected by supply disruptions.

ExxonMobil reported quarterly net earnings of approximately $14.7 billion, and Chevron posted net earnings of $12.1 billion; Shell's adjusted earnings were $9.836 billion, BP's underlying replacement cost profit was $5.73 billion, and TotalEnergies' adjusted net income was $6.027 billion. Among these, Shell's net earnings attributable to shareholders were actually $10.821 billion, while TotalEnergies' net income attributable to shareholders was $5.438 billion.

The five companies generated combined operating cash flow of nearly $90 billion during the quarter. A portion of these funds was used to increase cash reserves and reduce debt, while the remainder continued to fund shareholder returns. Shell launched a new $3 billion share buyback program, and TotalEnergies maintained its $1.5 billion buyback plan for the third quarter; ExxonMobil's combined spending on dividends and share repurchases in the second quarter totaled approximately $9.4 billion.

The average price of Brent crude in the second quarter was approximately $97 per barrel, higher than the roughly $67 per barrel in the same period last year. Rising oil prices boosted upstream sales revenue, and tight fuel supply also lifted refining profits, but some companies' production and exports in Qatar, Iraq, and the UAE were affected.