Results for North American oil and gas companies for the April-June quarter of 2026 were announced. While higher crude oil prices and concerns over Middle East supply disruptions led to a succession of companies reporting higher profits, companies with high exposure to gas saw a notable number report lower profits.
Of 10 North American oil exploration and production companies, 6 reported sharply higher profits and 4 reported lower profits in the April-June quarter. Companies with a high proportion of crude oil production posted strong results, with higher WTI prices boosting profits, while those with greater exposure to gas struggled comparatively. Companies reporting higher profits included Exxon Mobil, Chevron, Cenovus Energy, Diamondback Energy, Ovintiv and Antero Resources, with profit growth improving significantly year on year.
Six North American transportation and storage companies reported higher revenue and profits overall, benefiting from increased demand for U.S. alternatives as the market moved toward resolving concerns over Middle East supply disruptions caused by the closure of the Strait of Hormuz. The companies included Enterprise Products Partners, ONEOK, Kinder Morgan and Williams Companies, with higher transportation volumes and increased NGL demand supporting earnings.
Results varied among the three major drilling companies. SLB reported a slight increase in revenue but lower profits, Baker Hughes reported lower revenue and profits, and Halliburton reported higher revenue and profits. Some companies, including Whitecap Resources, posted substantial profit growth. Attention will remain focused on trends in U.S. crude oil production and export demand against the backdrop of the Strait of Hormuz closure.