US Oil Majors Turn Homeward as War Hits Output
Key Takeaways
- •US oil majors are increasing their focus on US and Americas assets as the war with Iran disrupts production plans elsewhere.
- •Exxon and Chevron reported double-digit billion-dollar second-quarter returns, but the results were driven mainly by price effects.
- •Chevron was the only US major to record both sequential and annual production growth, while Shell’s output fell by 300,000 barrels per day.
- •ExxonMobil lifted US production to a record 2.1 million barrels per day, and Chevron has been active in Venezuela’s upstream revival.
- •Chevron and ExxonMobil reduced net debt by $8 billion and $7 billion, respectively.
Numbers Report – August 21, 2026
In the latest edition of the Numbers Report, we look at some of the most notable figures released this week across the energy and metals sectors. Each week, we examine selected data and provide some explanation of the forces behind the numbers.
Let’s take a look.
1. US Oil Majors Turn Homeward as War Hits Output
US oil majors are increasingly prioritizing upstream investment in the US and the wider Americas region as Donald Trump’s war against Iran has slashed their 2026 production outlook.
Despite very strong second-quarter results for most majors, including double-digit billion-dollar returns from both Exxon and Chevron, the gains were driven almost entirely by price effects rather than production growth.
Chevron was the only US major to post both quarter-on-quarter and year-on-year production growth, while Shell’s output fell by 300,000 barrels per day.
The shift matters for a sector that has spent years balancing overseas exposure with domestic shale and other nearer-to-home assets: when production plans are disrupted in Qatar and Oman, companies with larger US and Americas portfolios have more room to reallocate capital and sustain output. ExxonMobil has responded by lifting its US production to a record 2.1 million barrels per day, while Chevron has been at the forefront of Venezuela’s upstream revival.
The bumper profits US oil majors have generated in the wake of the US-Iran war have also allowed for sharp reductions in net debt, with Chevron and ExxonMobil paying down $8 billion and $7 billion, respectively.
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