Which U.S. oil major produced the most in the second quarter of 2026 – ExxonMobil, Chevron, or ConocoPhillips?
According to their second quarter results statements, Exxon took top spot, with 4.514 million barrels of oil equivalent per day, followed by Chevron, with 4.070 million barrels of oil equivalent per day, and ConocoPhillips, with 2.248 million barrels of oil equivalent per day.
Exxon’s production was down from its first quarter output figure of 4.594 million barrels of oil equivalent per day, according to its latest results statement, which also showed that the company’s year to date production of 4.554 million barrels of oil equivalent per day was down from its 2025 year to date production of 4.591 million barrels of oil equivalent per day.
Chevron’s output figure was up from its first quarter production of 3.858 million barrels of oil equivalent per day and up from its second quarter 2025 production figure of 3.396 million barrels of oil equivalent per day, the company’s second quarter results statement outlined.
ConocoPhillips’ production was down from its second quarter 2025 production figure of 2.391 million barrels of oil equivalent per day, its second quarter results statement showed. The company’s 2026 year to date production came in at 2.278 million barrels of oil equivalent per day and its 2025 year to date output was 2.391 million barrels of oil equivalent per day, the results revealed.
Exxon
In its results statement, ExxonMobil highlighted that the company had registered its highest upstream production in more than two decades, excluding Middle East disruptions. It also flagged “record Permian production”, which it noted was “consistent with planned nine percent CAGR through 2030”.
The company also revealed that a fifth Guyana FPSO set sail “with production startup on plan for 4Q26, increasing capacity by 250,000 barrels per day”.
Upstream earnings rose from $5.737 billion in the first quarter to $7.927 billion in the second quarter, according to the statement, which revealed that year to date 2026 upstream earnings stood at $13.664 billion and year to date 2025 earnings were $12.158 billion.
Comparing year to date 2026 and year to date 2025 upstream results, the company said upstream earnings improved “as strong reliability contributed to the highest production in more than two decades, excluding the Middle East disruptions, partly offset by higher depreciation”.
Looking at sequential quarter results, Exxon noted in its statement that upstream earnings improved, “with record Permian production of more than 1.8 million barrels of oil equivalent per day and the absence of operational disruptions in Kazakhstan, partly offset by the Middle East disruptions”.
Darren Woods, ExxonMobil Chairman and Chief Executive Officer, said in Exxon’s latest results statement that “the second quarter was shaped by disruption, but defined by execution”.
“Markets were supportive, but our performance reflected the strength of the portfolio and operating model we have built over many years,” he added.
“As conditions changed, we moved products where they were needed, optimized assets, and supported customers, leveraging our global integrated portfolio. We delivered strong earnings and cash flow, continued investing in advantaged opportunities, returned cash to shareholders, and strengthened the balance sheet,” he continued.
“Importantly, we remain committed to further growing advantaged production to help meet the world’s need for reliable energy,” he went on to state.
Chevron
Chevron highlighted in its results statement that its production in the second quarter was 20 percent higher than the second quarter of last year “largely due to the contribution from legacy Hess assets, and growth in the Permian Basin and Gulf of America”.
“Cash flow from operations in the second quarter of 2026 was higher than a year ago due to record U.S. production with higher commodity prices, increased cash distributions from Tengizchevroil LLP, and favorable working capital effects,” the company pointed out.
Chevron’s adjusted free cash flow came in at $15.4 billion in the second quarter, compared to $4.1 billion in the first quarter and $4.9 billion in the second quarter of last year, the statement highlighted.
Total earnings in upstream stood at $8.1 billion in the second quarter, $3.9 billion in the first quarter, and $2.7 billion in the second quarter of last year, the statement revealed. U.S. upstream earnings were $3.5 billion in the second quarter, $2.1 billion in the first quarter, and $1.4 billion in the second quarter of 2025, and international upstream earnings were $4.6 billion in the second quarter, $1.7 billion in the first quarter, and $1.3 billion in the second quarter of last year, the statement showed.
Looking at U.S. upstream, Chevron revealed that earnings in this segment were higher “primarily due to higher liquids realizations and sales volumes, partly offset by higher depreciation, depletion and amortization, lower natural gas realizations, and the absence of a prior year asset sale gain”.
Net oil equivalent production for U.S. upstream during the quarter was up 382,000 barrels per day from the year-ago period, “achieving a new quarterly production record”, the company noted. The increase was primarily due to the acquisition of Hess and growth in the Permian Basin and Gulf of America, the company said.
Focusing on international upstream, Chevron said international upstream earnings were higher than a year ago primarily due to higher sales volumes and liquids realizations and favorable timing effects, partly offset by higher depreciation, depletion and amortization.
Net oil-equivalent production for this segment during the quarter was up 292,000 barrels per day from the year-ago period “primarily due to the acquisition of Hess, partly offset by curtailments in the Partitioned Zone between Saudi Arabia and Kuwait due to the Middle East conflict”, the company outlined.
Mike Wirth, Chevron’s Chairman and CEO, said in the statement, “faced with geopolitical uncertainty and market volatility, Chevron’s people remain focused on safely delivering the reliable energy the world needs”.
“Our strong second quarter performance is a result of disciplined investment and strong execution that drove record U.S. upstream production, record crude throughput in our U.S. refineries, and exceptional reliability across key assets,” he added.
“We remain focused on cost discipline and long-term value creation. During the second quarter, the company achieved its structural cost reduction target six months early by capturing $3 billion in annual run-rate savings,” he continued.
“Furthermore, we delivered $1.5 billion of annual run-rate synergies related to the Hess Corporation acquisition within one year of closing,” Wirth went on to state.
ConocoPhillips
In its second quarter results statement, ConocoPhillips highlighted that its production for the second quarter represented a decrease of 143,000 barrels of oil equivalent per day from the same period a year ago.
After adjusting for closed acquisitions and dispositions, second quarter 2026 production decreased 98,000 barrels of oil equivalent per day, or four percent, from the same period a year ago, the company highlighted.
“Organic growth from Lower 48 was more than offset by the impact of the Middle East conflict on Qatar and higher Surmont royalties,” the company pointed out in its statement.
The company also highlighted in its results that, during the second quarter, it executed an agreement for re-entry into Syria, “leveraging existing infrastructure to restore and increase production at onshore fields”.
Conoco revealed in its statement that, in the second quarter, the Lower 48 delivered production of 1.479 million barrels of oil equivalent per day, including 720,000 barrels of oil equivalent per day from the Delaware Basin, 202,000 barrels of oil equivalent per day from the Midland Basin, 363,000 barrels of oil equivalent per day from the Eagle Ford, and 189,000 barrels of oil equivalent per day from the Bakken.
Production for the first six months of 2026 represented a decrease of 113,000 barrels of oil equivalent per day from the same period a year ago, Conoco outlined in its results.
“After adjusting for closed acquisitions and dispositions, production decreased 57,000 barrels of oil equivalent per day, or two percent, from the same period a year ago,” the company revealed.
“Organic growth from Lower 48 was more than offset by the impact of the Middle East conflict on Qatar and higher Surmont royalties,” ConocoPhillips stated.
ConocoPhillips reported second quarter 2026 earnings of $3.9 billion, or $3.23 per share, compared with second quarter 2025 earnings of $2.0 billion, or $1.56 per share. Excluding special items, second quarter 2026 adjusted earnings were $4.0 billion, or $3.24 per share, compared with second quarter 2025 adjusted earnings of $1.8 billion, or $1.42 per share, the company noted.
Ryan Lance, Chairman and CEO of ConocoPhillips, said in the results statement, “ConocoPhillips delivered strong second quarter results with exceptional operational performance, record production from our peer-leading Permian position and disciplined execution across the business, all while continuing to progress our strategic priorities”.
“We doubled our quarterly share repurchases, achieved our $5 billion asset disposition target ahead of schedule, secured low cost of supply opportunities in the Middle East, and increased our LNG offtake to 12 MTPA,” he added.
“We are executing well, delivering on our strategy, and remain on track to achieve our $7 billion free cash flow inflection by 2029,” he continued.
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