Chevron Q2 Profit Hits Six-Year High of $12.1 Billion While Trump Demands CEO Wirth Lower Gasoline Prices

Chevron Corporation reported second-quarter 2026 net income of $12.1 billion, its highest quarterly profit in at least six years, driven by war-elevated crude prices and production gains from its 2024 acquisition of Hess Corporation. ExxonMobil posted Q2 2026 earnings of $14.5 billion in the same reporting period, bringing the two supermajors combined quarterly profit to $26.6 billion. Chevron's result represents a 384 percent increase from $2.5 billion in Q2 2025, as Brent crude averaged $104 per barrel during the quarter.

Trump Demands Lower Gasoline Prices, Targets Chevron CEO by Name

President Donald Trump posted on Truth Social on Monday demanding immediate action: "get your consumer (retail!) Oil Prices DOWN, NOW!" Trump singled out Chevron CEO Mike Wirth after the executive appeared on television following Chevron's earnings report. Trump's post stated: "They threw Mike and Chevron out of Venezuela, but now they're back, far bigger and stronger than ever before, expecting to make a fortune." The national average gasoline price stood at $4.09 per gallon Monday, according to AAA.

How the 2024 Hess Acquisition Reshaped Chevron's Production Base

Chevron's acquisition of Hess Corporation closed in 2024 for approximately $53 billion, following an arbitration challenge by ExxonMobil over Hess's 30 percent stake in the Stabroek deepwater block in Guyana. An arbitration panel ruled in Chevron's favor in 2024, clearing the deal to proceed. ExxonMobil, which operates the Stabroek block with a 45 percent working interest, now shares production upside with Chevron on the same field. Chevron's worldwide production in Q2 2026 reached 4,070 thousand barrels of oil equivalent per day, 20 percent higher year over year, largely from Hess legacy assets including Stabroek, Bakken shale in North Dakota, and Gulf of America positions.

Earnings Per Barrel: What the Numbers Show

Chevron's 4,070 MBOED of Q2 production totals approximately 370 million barrels of oil equivalent over 91 days. Dividing $12.1 billion in net income by that volume yields approximately $32.70 per barrel of oil equivalent in after-tax earnings. Upstream earnings for the quarter reached $8.2 billion against the Q2 Brent average of $104 per barrel. CEO Mike Wirth described the results as "a result of disciplined investment and strong execution."

WTI at $80 as Iran Risk Premium Unwinds

WTI crude settled at $80.16 per barrel on Monday's CME close, down $4.51 or 5.33 percent on the day, according to OilPrice.com. Brent crude settled at $83.72 per barrel on Monday's ICE close, down 4.79 percent. Both benchmarks have retreated from the Q2 average as the Iran risk premium unwinds following Trump's pause on further military strikes, as Oil Authority previously reported. ExxonMobil CEO Darren Woods stated that consumers should not expect quick pump price relief, citing refinery constraints and sustained geopolitical uncertainty.

Goldman Sachs Forecasts and the Earnings Outlook

Goldman Sachs, following a Strait of Hormuz interim deal, revised its Q3 2026 Brent forecast to $82 per barrel and Q4 to $80 per barrel, with WTI at $77 and $75 respectively. Goldman maintains a worst-case Q4 Brent scenario of $115 per barrel if hostilities resume, creating a $35-per-barrel range between bear and bull outcomes. At Goldman's Q3 Brent midpoint of $82, the $22-per-barrel decline from Q2's average of $104 could reduce Chevron's upstream quarterly earnings by $3 to $5 billion, assuming a 40 percent price-to-earnings flow-through. Both companies ended Monday's session lower, with XOM down 0.97 percent to $155.44.