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Big Oil profits surge as higher crude prices lift sector earnings

FactSet data show 86% of S&P 500 companies that have reported second-quarter results beat earnings estimates, with the Energy sector posting 128.2% year-over-year earnings growth.

Reported · Written up by our desk · Energy

Oil prices elevated during the second quarter, helping the Energy sector post the fastest earnings growth among the S&P 500's 11 market sectors, according to OilPrice. The outlet cited FactSet data showing that, with roughly a third of S&P 500 companies having reported second-quarter results, 86% exceeded Wall Street earnings projections while 80% beat revenue expectations. Against that backdrop, Energy earnings growth rose 128.2% year over year, well above the S&P 500 average of 37.9%, driven in part by higher oil prices linked to the Middle East conflict. OilPrice said Brent crude averaged $92.55 per barrel in the second quarter, about 45% higher than the Q1 2026 average of $63.68 per barrel. At the sub-industry level, four of five energy sub-industries reported double-digit earnings growth, including Oil & Gas Refining & Marketing at 249% and Integrated Oil & Gas at 166%, while Oil & Gas Equipment & Services declined 16% year over year. The article also pointed to two large oil and gas firms reporting on Friday, including Chevron, which reported Q2 2026 earnings of $6.06 per share, above the FactSet consensus estimate of $5.55, as revenue rose to $70.06 billion.

Latest closeWTI crude $86.80 ▲3.8%|Brent $90.12 ▲1.2%|S&P 500 7,489.72 ▲0.7%

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