Exxon, Chevron Post $26.5B Q2 Profit Amid Fuel-Driven Price Crunch
Record earnings from oil majors draw White House scrutiny as refining margins surge, with Chevron's U.S. output hitting 2 million bpd.
ExxonMobil and Chevron reported a combined $26.5 billion in second-quarter profit, driven by high production and soaring refining margins amid a global fuel supply crunch, according to reports from OilPrice.com and Rigzone. The record earnings have drawn the ire of the Trump administration, which is investigating high gasoline prices.
Chevron reported record net income of $12.2 billion, nearly five times its year-ago profit, Rigzone confirmed. ExxonMobil earned $14.5 billion, double its Q2 2025 result and its best performance since the price spike following Russia's invasion of Ukraine. The surge was fueled by the Iran war, which disrupted Gulf production and tanker traffic through the Strait of Hormuz, scrambling global oil and fuel markets.
A critical factor for Bakken operators and national fuel supplies is the shift in the price problem. Exxon CFO Neil Hansen said the bigger issue is no longer crude oil prices but "the shrinking availability of the products made from it," OilPrice.com reported. Refining profits skyrocketed, with Chevron's jumping to $4.9 billion from $737 million a year earlier. Exxon's refining business earned $5.5 billion after a $1.3 billion loss in the first quarter.
Both companies produced at high volumes. Chevron's global production reached 4 million barrels of oil equivalent per day, helped by its acquisition of Hess Corporation, while its U.S. output hit a record 2 million bpd. Exxon produced 4.5 million bpd globally, with its Permian Basin output also reaching a record. Their refineries ran close to capacity.
The political fallout is direct. President Donald Trump, who wants gasoline at $2.25 per gallon, has ordered a Justice Department investigation into alleged price gouging. The national average is $4.11. An export ban is also being considered, a move Chevron warned would "discourage investment and eventually leave the market with less supply."
For North Dakota, the performance of these integrated majors underscores the value of high production in a tight global market. However, the intense political focus on refining margins and gasoline prices creates regulatory uncertainty. Any policy response, such as an export ban, could directly impact the market for Bakken crude.
The comparison to Trump's target price is fraught. Gasoline last averaged $2.25 during the pandemic when demand collapsed. Recreating that price in the current strained market "may prove difficult," according to the OilPrice.com analysis.
Source
OilPrice.com, Rigzone
