US Oil Producers See Record Earnings Amid Strait of Hormuz Disruptions
US oil and gas producers reported significant earnings gains in the second quarter of 2026. The 38 US firms in the OGJ sample posted combined revenues of $439.1 billion, up from $299.3 billion a year earlier, and net income of $62.2 billion against $22.3 billion.
The continued disruption to crude oil and product flows through the Strait of Hormuz lifted crude prices for most of the quarter, driving US refining margins, runs, and exports higher.
Brent futures averaged $97.05/bbl in the second quarter, up from $66.96/bbl in the same period last year. The average price of WTI crude oil was $92.85/bbl, compared to $63.71/bbl in the previous year.
ExxonMobil Corp. reported revenues and other income of $116.0 billion, with earnings of $14.5 billion compared to $7.1 billion a year earlier.