US-Iran military hostilities escalated sharply during late July and into August 2026, with Iran launching ballistic missiles at American military installations in Jordan on 28 July and subsequently conducting drone strikes on US facilities in Kuwait and Bahrain [Brief - 2026-07-31]. Earlier in July, Iran struck three commercial vessels in the Strait of Hormuz, through which approximately 20–21% of global petroleum trade transits, triggering significant disruption to energy markets and global risk sentiment [Brief - 2026-07-27]. Against this backdrop, ExxonMobil and Chevron together reported Q2 2026 combined profits exceeding $26 billion, a combined increase of more than 300% compared with the prior-year period, with elevated crude oil prices cited as a primary contributing factor [Brief - 2026-08-02].
As of the quarter ending 31 March 2026, ExxonMobil reported trailing twelve-month revenue of $334.25 billion, representing year-over-year growth of approximately 2.4%. Net income on a TTM basis stood at $25.31 billion, with a net margin of 7.57%. EPS on a TTM basis declined 43.2% year-over-year. The company carried $8.44 billion in cash against total debt of $37.63 billion. Market capitalisation was recorded at approximately $642.7 billion, with a price-to-earnings ratio of 26.1 [SEC 10-Q - XOM - 2026-03-31].
Two notable institutional position changes were recorded in the most recent 13F reporting period. Citadel added 61% to its existing XOM position, while Millennium added 29% to its position [SEC 13F - Citadel - Q2 2026] [SEC 13F - Millennium - Q2 2026]. These material increases in holdings by two large multi-strategy funds represent the primary trigger for this report. No insider transaction data was available for inclusion in this report.
The broader macro environment features a 10-year US Treasury yield of 4.75% and a 2-year yield of 4.28%, producing a normal yield curve with a spread of 47 basis points [FRED DGS10] [FRED DGS2]. Central banks were noted to have acted in response to the geopolitical disruption affecting energy markets and shipping routes during the period [Brief - 2026-08-02].