The Six Major Oil Majors Earned 5 Billion RMB Per Day in the First Half of the Year, with Combined Profits Reaching $135.6 Billion

In the first half of 2026, the global energy market is undergoing a 'windfall profit' cycle driven by geopolitical conflicts. Brent crude oil prices surged past $120 per barrel. Saudi Aramco’s average realized crude oil price in Q2 reached $108.1 per barrel, up 62% year-on-year. Amid this high-oil-price cycle, the six major international oil companies delivered astonishing financial results. I. $135.6 Billion: A Record-Breaking Financial Performance Saudi Aramco led decisively. Its Q2 net profit stood at $32.7 billion, up 44% year-on-year; its H1 net profit totaled $65.2 billion ($67.2 billion on an adjusted basis), up 34% year-on-year. Saudi Aramco is the most profitable among the six majors—but it is also the only one experiencing a decline in operating cash flow: $56.2 billion, down 5.2% year-on-year—mainly due to increased receivables from the government and higher inventory levels. ExxonMobil followed closely, posting H1 net profit of $23.45 billion, up 89% year-on-year. Its Q2 profit reached $14.525 billion. Operating cash flow totaled $32.3 billion, up approximately 32% year-on-year. Chevron performed strongly as well: H1 net profit amounted to $14.77 billion, surging 115% year-on-year. Its Q2 profit hit $12 billion—up from just $2.5 billion in the same period last year. Operating cash flow reached $25.1 billion, up 82% year-on-year. Among European majors, TotalEnergies posted H1 net profit of $11.4 billion (adjusted), up 47% year-on-year; Shell’s adjusted net profit was $9.84 billion, up 70.2%; BP recorded the highest growth—up 139% to $8.93 billion. Collectively, these six companies generated total profits of approximately $135.6 billion (roughly RMB 915.15 billion), equivalent to daily net earnings of $749 million (about RMB 5.056 billion). At RMB 5 billion per day, this figure exceeds the full-year revenue of many listed companies. II. Three Engines Driving Windfall Profits This windfall is no accident—it stems from the simultaneous convergence of three powerful forces. First Engine: Soaring Oil Prices. Ongoing Middle East conflicts continue disrupting global supply chains. Following the outbreak of U.S.-Iran tensions, traffic through the Strait of Hormuz—the conduit for nearly 20% of global oil shipments—was impeded. Saudi Aramco’s output dropped sharply by 25% quarter-on-quarter to 9.46 million barrels of oil equivalent per day—the largest production decline among the six majors. Yet while output fell, oil prices soared: Brent crude’s average Q2 price rose significantly versus Q1. Lower output coupled with higher prices enabled oil companies to reap extraordinary gains. Second Engine: Output Expansion. The broad-based profit surge reflects a competition over asset quality. ExxonMobil’s upstream production hit a 20-plus-year high, with Permian Basin output exceeding 1.8 million barrels per day. Chevron benefited from acquisitions—including Hess—and increased Permian Basin output, achieving record-high upstream hydrocarbon production; its Q2 output rose 20% year-on-year. High-quality oilfields are now entering a phase of explosive output growth. Third Engine: Refining Windfalls. Russia’s loss of refining capacity, supply disruptions in the Middle East, tight feedstock availability for Asian refineries, and globally low inventories have pushed global refining margins to historic highs. Chevron’s refineries set a new record for crude distillation capacity at 1.07 million barrels per day, with utilization exceeding 97%; TotalEnergies’ refining and chemicals division posted H1 adjusted net operating profit of $3.4 billion—nearly fivefold year-on-year growth; Shell’s Q2 refining margin rose 41% quarter-on-quarter to $24 per barrel, while its chemicals and products segment achieved its strongest adjusted earnings since Q3 2021.

Joining Forces with Saudi Arabia: China’s Private Refining & Petrochemical Giant Prepares for Takeoff!

Rongsheng Petrochemical has once again partnered with Saudi Arabia. On July 16, 2026, Rongsheng Petrochemical announced it had signed a 'Project Development Agreement' with Saudi Basic Industries Corporation (SABIC). The new project is named the 'Jintang New Materials Project', with Rongsheng New Materials as the implementing entity. SABIC plans to acquire a 30–50% equity stake in Rongsheng New Materials. Though seemingly an ordinary project collaboration, this deal conceals deep-rooted ties between Rongsheng Petrochemical and Saudi capital. SABIC is a wholly owned subsidiary of Saudi Aramco. As early as 2023, Saudi Aramco invested RMB 24.6 billion in a premium acquisition of a 10% equity stake in Rongsheng Petrochemical, becoming a key strategic shareholder. Today, amid intertwined geopolitical tensions and supply-demand imbalances, the global petrochemical industry is undergoing dramatic cyclical shifts. Can Rongsheng Petrochemical leverage its partnership with Saudi Aramco to build resilience and power through this volatile cycle? Deep-Rooted Ties — A Mutual Commitment Let’s first introduce this 'mysterious' counterparty—Saudi Aramco. Middle East, oil, Saudi Arabia—these keywords invariably evoke images of 'wealth'. And indeed, the Saudi Arabian Oil Company—commonly known as Saudi Aramco—is the world’s largest oil producer and sixth-largest oil refiner. It owns the world’s largest onshore oilfield, Ghawar, and the largest offshore oilfield, Safaniyah. In the 2023 Fortune Global 500 ranking, Saudi Aramco ranked second in revenue and first in net profit—truly one of Earth’s most profitable enterprises. With vast crude oil resources, Saudi Aramco seeks to further expand and secure downstream markets—and has thus engaged in long-standing cooperation with China. The partnership with Rongsheng Petrochemical stands as a prime example. In 2023, Saudi Aramco made two major moves in China: first, collaborating with Norinco Group and others to develop the Huajin-Aramco Petrochemical Project; second, acquiring a 10% equity stake in Rongsheng Petrochemical. Beyond equity investment, Rongsheng Petrochemical and Saudi Aramco maintain close operational ties. Statistics show that in the first half of 2026 alone, their related-party transaction volume totaled RMB 25.1 billion. So why Rongsheng Petrochemical? Because among private-sector refining and petrochemical enterprises, Rongsheng holds a prominent position. First, its revenue scale leads peers. Within China’s petroleum and petrochemical industry, Rongsheng Petrochemical’s revenue has long ranked third—behind only CNPC and Sinopec. In 2025, its revenue reached RMB 308.622 billion—over RMB 100 billion more than Hengli Petrochemical (RMB 201.087 billion). In the first half of 2026, amid roller-coaster fluctuations in international oil prices, the company’s revenue declined 12.93% year-on-year to RMB 129.407 billion—yet its net profit surged 748.83% year-on-year to RMB 5.111 billion. Second, its refining and petrochemical capacity ranks among the top among private enterprises. Refining and petrochemical processing essentially means 'extracting maximum value from every drop of crude oil.' This stage is indispensable for converting crude into chemical products: after atmospheric and vacuum distillation separates crude oil, a series of subsequent processes transform it into basic chemical feedstocks—a process commonly described as 'from one drop of oil to one filament.' Currently, Rongsheng Petrochemical is a major Asian producer of polyester and high-value-added polyolefins. Moreover, it operates the world’s largest PX and PTA production capacities, with products spanning numerous application fields.

Saudi Aramco Net Profit Surges Over 20% in First Three Quarters on High Oil Prices and Refining Margins

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Saudi Aramco reported a 22% year-on-year increase in adjusted net profit to $98.38 billion for the first nine months of 2026, driven by high oil prices and refining margins. Third-quarter earnings hit $31.2 billion, exceeding expectations despite regional disruptions.

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