ExxonMobil and Chevron have emerged as two of the biggest corporate beneficiaries of the upheaval in global energy markets during 2026. Their latest quarterly results show profits increasing dramatically from a year earlier, largely because war in the Middle East has restricted oil supplies, driven petroleum prices higher and created exceptionally profitable conditions for American refineries.

ExxonMobil reported $14.5 billion in second-quarter 2026 earnings, roughly double its comparable profit of about $7.1 billion a year earlier, an increase of approximately $7.4 billion. Chevron’s increase was even more dramatic: its profit rose from $2.5 billion in the second quarter of 2025 to $12.1 billion in 2026, an increase of approximately $9.6 billion. Together, the companies earned roughly $26.6 billion during the quarter, nearly three times their combined earnings a year earlier.

The increase in profits for Exxon and Chevron illustrate how those companies have profited from the war between the U.S. and Iran. Before the conflict, the Strait of Hormuz carried roughly one-fifth of the world’s petroleum supplies. Restrictions on shipping through the Strait sharply reduced exports from the Persian Gulf. Brent crude, which had been around $70 per barrel before the disruption, exceeded $100 for much of the spring and briefly reached approximately $126.

Companies such as Exxon and Chevron, which have substantial production outside the Persian Gulf, could therefore sell much of their petroleum at considerably higher prices without experiencing the same production losses suffered by some Middle Eastern producers.

Refining also became extraordinarily profitable during the same time. Exxon earned approximately $5.5 billion from its energy-products business during the second quarter, while Chevron’s downstream earnings reached roughly $4.9 billion, their highest level of the decade. Exxon said roughly 9 percent of global refining capacity was offline during the quarter.

Damage to Middle Eastern and Russian energy infrastructure, restricted supplies passing through Hormuz, and low inventories created shortages of gasoline, diesel, and jet fuel. Refineries capable of obtaining crude could consequently charge much higher margins for converting it into usable fuels.

Production growth amplified those gains. Chevron’s output increased substantially following its acquisition of Hess, while U.S. production reached a record 2.08 million barrels of oil equivalent per day. Exxon reported record Permian Basin production above 1.8 million barrels of oil equivalent per day and continued benefiting from cost reductions and expanding production from its most profitable fields.

The increase in earnings for major oil companies suggests the world is not simply experiencing an oil-price shock, but it is also confronting a transportation and refining-capacity shock. Oil may exist underground, but disrupted shipping routes and damaged or inaccessible refineries prevent enough petroleum products from reaching consumers. That scarcity transfers enormous profits toward companies possessing secure production, functioning refineries, and reliable transportation networks.

Exxon and Chevron have not responded by dramatically increasing investment. Exxon returned $9.4 billion to shareholders during the quarter, while Chevron returned roughly $6.5 billion through dividends and stock repurchases and paid down substantial debt.

That suggests the industry remains cautious about assuming today’s prices will last. If Hormuz fully reopens and damaged refining capacity returns, margins could fall rapidly. For now, however, Exxon and Chevron’s extraordinary profits illustrate just how valuable reliable energy production and refining capacity have become in an increasingly disrupted global market.