Chevron posted its highest quarterly profit in six years and ExxonMobil's net profit hit a four-year high, both fueled by oil prices that rose during the Iran conflict. President Trump says the companies made too much money doing it and wants them to cut retail gasoline prices, even as crude has already started sliding on signs the conflict is easing.
President Trump wants ExxonMobil and Chevron to give back some of the money they made from high oil prices this quarter. He told reporters at the White House on Monday that Exxon and Chevron are making too much money based on a shortage, and that he does not like it. He added that the companies should give some of that money back to the public and cut the retail price.
Record quarters for the supermajors
Chevron posted Q2 earnings of $6.06 per share, beating the FactSet consensus of $5.55, while revenue jumped to $70.06 billion, up 56.2% year over year. Its upstream earnings tripled to $8.2 billion, and downstream earnings surged to $4.9 billion from $737 million a year earlier. ExxonMobil's non-GAAP earnings per share of $3.52 missed estimates by $0.11 amid heavy refinery maintenance, but net profit still climbed to a four-year high of $14.5 billion, with free cash flow reaching $17.2 billion.
The energy sector posted the highest earnings growth of any S&P 500 sector this quarter, at 128.2% year over year against a 37.9% average for the index, thanks largely to higher oil prices amid the Middle East conflict. Brent crude averaged $92.55 a barrel in the second quarter, 45% above the first-quarter average of $63.68.
Trump calls out Chevron by name
According to Crypto Briefing, Trump posted on Truth Social this week, naming Chevron chief executive Mike Wirth directly and telling oil companies to "get your consumer (retail!) Oil Prices DOWN, NOW." American drivers were paying an average of $4.10 a gallon as of August 1. Crude itself had been running around $96 a barrel.
Oil already sliding as tensions ease
U.S. crude closed at an average of around $92 a barrel from April through June, about 27% higher than the first quarter. Iran had squeezed oil exports through the Strait of Hormuz by threatening tankers during the conflict, which began in late February 2026 and included military strikes and at least one ceasefire before Trump suspended planned strikes on Iran, a move that sent oil prices down roughly 5% almost immediately.
The next read on supply and demand in energy markets comes when BP reports earnings on August 4, followed by ConocoPhillips on August 6. Their results will show whether the crude oil windfall that lifted Chevron and Exxon extended into the rest of the sector.
Sources: Oilprice.com, CNBC, Crypto Briefing
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