Key facts
- President Donald Trump criticized ExxonMobil and Chevron for record quarterly profits.
- Chevron reported its highest-ever quarterly profit of $12.2 billion.
- ExxonMobil earned $14.5 billion in the second quarter, its best result since oil prices soared after Russia's invasion of Ukraine.
- Trump urged oil companies to lower retail gasoline prices and return some profits to the public.
- The profits were driven by increased oil production, refining, and sales into a disrupted market.
- Trump previously ordered a Justice Department investigation into alleged price gouging.
President Donald Trump has criticized ExxonMobil and Chevron for their substantial second-quarter profits, urging the companies to lower gasoline prices for consumers. Chevron reported a record net income of $12.2 billion, nearly five times its year-ago profit, while ExxonMobil earned $14.5 billion, double its profit from the same period last year. These earnings were bolstered by increased oil production, higher refining margins, and sales into a market significantly impacted by global conflicts and supply chain disruptions.
Trump specifically pointed to the companies' earnings as excessive and called for them to share profits with the public, aiming for gasoline prices to return to levels not seen since the pandemic's demand collapse. He has previously directed the Justice Department to investigate potential price gouging. Chevron, however, warned that restricting fuel exports, a measure being considered, could discourage investment and ultimately reduce market supply.
The companies' strong results come amid a complex energy market where refined product availability, rather than crude oil prices, is identified as a key driver of current costs. Middle Eastern refinery outages, reduced Russian capacity, and China's export policies have compounded supply issues.