The Kobeissi Letter(@KobeissiLetter):The world's largest oil companies are now holding a record cash pile: The top 5 international oil companies generated almost ~$70 billion in free cash flow in Q2 2026, the largest amount on record. This includes ExxonMobil, $XOM, Chevron, $CVX, Shell, $SHEL, TotalEnergies, $TTE, and BP, $BP. This marks a +600% quarter-over-quarter increase. By comparison, the previous peak of ~$60 billion was set in Q2 2022, following Russia's invasion of Ukraine. Furthermore, combined net income across the group jumped +160% YoY last quarter, to $47 billion, the 3rd-largest on record. Oil companies are building unprecedented cash piles amid the Iran War.

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The world's largest oil companies are now holding a record cash pile: The top 5 international oil companies generated almost ~$70 billion in free cash flow in Q2 2026, the largest amount on record. This includes ExxonMobil, $XOM, Chevron, $CVX, Shell, $SHEL, TotalEnergies, $TTE, and BP, $BP. This marks a +600% quarter-over-quarter increase. By comparison, the previous peak of ~$60 billion was set in Q2 2022, following Russia's invasion of Ukraine. Furthermore, combined net income across the group jumped +160% YoY last quarter, to $47 billion, the 3rd-largest on record. Oil companies are building unprecedented cash piles amid the Iran War.