Exxon made nearly $17.9 billion between April and June, almost four times what it earned during the same period in 2021. Chevron booked a profit of $11.6 billion, while Shell earned $11.5 billion.

But those numbers pale in comparison to the haul by Saudi Aramco. Saudi Arabia's state oil giant said Sunday that it earned $48.4 billion in the second quarter, a 90% year-on-year increase and all-time high for the company.

Aramco CEO Amin Nasser pointed to "increasing demand" for the company's products. Despite ongoing "global market volatility and economic uncertainty," the company expects demand for oil to "continue to grow for the rest of the decade," he said.

What happens next: Oil prices remain elevated. But they've dropped significantly in recent weeks as recession fears have come to the fore, since economic growth and demand for fossil fuels go hand-in-hand. Brent crude futures, the global benchmark, were last trading below $95 per barrel after finishing June near $115.

That means last quarter may be as good as it gets for Saudi Aramco, which has a market value of nearly $2.4 trillion. Nasser said that Aramco still has room to raise oil output if it's instructed to do so by the government, but that spare capacity is "very limited" due to a lack of global investment.

Exxon made nearly $17.9 billion between April and June, almost four times what it earned during the same period in 2021. Chevron booked a profit of $11.6 billion, while Shell earned $11.5 billion.

But those numbers pale in comparison to the haul by Saudi Aramco. Saudi Arabia's state oil giant said Sunday that it earned $48.4 billion in the second quarter, a 90% year-on-year increase and all-time high for the company.

Aramco CEO Amin Nasser pointed to "increasing demand" for the company's products. Despite ongoing "global market volatility and economic uncertainty," the company expects demand for oil to "continue to grow for the rest of the decade," he said.

What happens next: Oil prices remain elevated. But they've dropped significantly in recent weeks as recession fears have come to the fore, since economic growth and demand for fossil fuels go hand-in-hand. Brent crude futures, the global benchmark, were last trading below $95 per barrel after finishing June near $115.

That means last quarter may be as good as it gets for Saudi Aramco, which has a market value of nearly $2.4 trillion. Nasser said that Aramco still has room to raise oil output if it's instructed to do so by the government, but that spare capacity is "very limited" due to a lack of global investment.