Key facts
- Chevron will award employees a special bonus equivalent to half of their monthly base pay.
- The bonus recognizes operational results, cost-reduction targets, and deal synergies.
- Chevron reported record earnings, driven by high oil prices.
- President Donald Trump criticized oil companies for high gasoline prices.
- Trump urged oil companies to lower prices and credit his administration.
Chevron announced it will award employees a special bonus equal to half of their monthly base pay, recognizing operational results, cost-reduction targets, and deal synergies. The bonus comes after the company reported record earnings, largely attributed to high oil prices influenced by geopolitical events.
U.S. President Donald Trump, however, criticized major oil companies including Chevron and ExxonMobil for making excessive profits and demanded they lower gasoline prices. Trump also took to social media to criticize Chevron CEO Mike Wirth, suggesting Wirth failed to credit his administration's policies for the industry's success. The American Petroleum Institute stated that current high prices are driven by global supply and demand, as well as uncertainty in critical shipping lanes.
Trump has previously used public pressure to influence corporate behavior and has encouraged expanding U.S. energy production while simultaneously pressing companies to limit profits when prices rise. Higher gasoline prices, currently averaging around $4.10 nationwide, pose a political risk to Trump ahead of the midterm elections.