Trump rebukes Exxon, Chevron and suggests firms must ‘give back’ some of surging oil profits
The remarks landed one day after both companies disclosed their strongest quarterly results in years.
Chevron posted second-quarter earnings of $12 billion, up from $2.5 billion in the same period of 2025 (a gain of nearly 400%) while ExxonMobil reported profits of $14.5 billion, more than double its year-earlier result, according to the companies’ earnings releases. Together, the two oil majors booked a combined $26.5 billion in second-quarter net income, according to UPI.
Pump prices up nearly 40% since the war began
The US-Iran conflict’s effect on consumers has pushed up US crude oil prices by approximately 20% from the February 28, 2026 start of hostilities, with US oil futures averaging around $92 per barrel from April through June, about 27% higher than the first quarter according to CNBC. At the pump, gasoline prices averaged about $4.10 per gallon nationwide as of August 3, 2026, nearly 40% higher compared to the $2.98 per gallon that drivers paid on February 27 before the war started, according to AAA data.
On June 24, 2026, Trump accused Exxon, Chevron, Shell, and BP of price gouging and ordered a Department of Justice investigation, arguing crude prices had fallen roughly 36% without pump prices following suit. That probe remains active even as the president has now broadened his criticism to the companies’ overall profit levels.
For advisors tracking the energy sector’s impact on client portfolios, the tension between geopolitical risk and earnings upside has been a defining theme of 2026. InvestmentNews has reported extensively on how energy stocks have served as a hedge during this conflict, with the State Street Energy Select Sector SPDR ETF (XLE) up more than 36% year-to-date.
