Eight Oil Majors Post Combined $90 Billion-Plus Profit in Q2 on Iran War Price Spike

3-line summary

• Eight of the largest oil companies — Aramco, BP, Shell, Equinor, TotalEnergies, Eni, Chevron and ExxonMobil — posted combined profits of over $90 billion in the April-June quarter, nearly double the just-below-$50 billion combined total in Q2 2025, according to a Yahoo Finance report.
• Saudi Arabia's Aramco benefited most from the spring price surge, reporting a 34% rise in quarterly net income to over $33 billion; Chevron posted its highest quarterly profit in at least six years, with adjusted earnings of $12 billion, including $8.2 billion from upstream operations, a 200% increase year-over-year.
• Brent crude rose from around $68 a barrel in late February to nearly $100 in May following the U.S.-Israeli attack on Iran and Iran's move to close the Strait of Hormuz; President Trump criticized ExxonMobil and Chevron on Aug. 3 for making 'too much money' on high crude prices, and governments worldwide are floating windfall-tax proposals.

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