Brent crude averaged $92.55 per barrel in the second quarter, 45% above Q1 2026 average at $63.68/bbl. At the sub-industry level, 4 of the 5 sub-industries in the energy sector are reporting double-digit earnings growth: Oil & Gas Refining & Marketing (249%), Integrated Oil & Gas (166%), Oil & Gas Exploration & Production (104%), and Oil & Gas Storage & Transportation (11%). Only the Oil & Gas Equipment & Services sub-industry is reporting an earnings decline at -16% Y/Y. Two of the world’s largest oil and gas companies reported second quarter earnings on Friday. ExxonMobil returned $9.4 billion to shareholders in the second quarter, consisting of $4.3 billion in dividends and $5.1 billion in share repurchases.