- Iran conflict drives crude oil prices higher, boosting Exxon and Chevron's second-quarter profits.
- President Donald Trump said Exxon and Chevron made "too much money" during the conflict.
- Trump urged the oil majors to cut consumer fuel prices, stating, "They're going to give some of that back to the public and they better cut the retail price, the consumer price."
- Chevron's earnings soared nearly 400% to $12 billion compared to $2.5 billion in the same period last year.
- Exxon's profits more than doubled to $14.5 billion compared to $7.1 billion in the year-ago period.
- After Trump's comments, Chevron's shares were down nearly 2% while Exxon traded slightly lower.
- Crude prices fell about 5% on hopes that U.S.-Iran talks might prevent further escalation.
President Donald Trump has called on oil majors ExxonMobil and Chevron to reduce fuel prices, claiming they have profited excessively during the ongoing Iran conflict. Trump stated, "They're going to give some of that back to the public and they better cut the retail price, the consumer price."12
Exxon and Chevron reported significant windfall profits for the second quarter, with Chevron's earnings soaring nearly 400% to $12 billion compared to $2.5 billion last year, and Exxon's profits more than doubling to $14.5 billion from $7.1 billion in the same period. This surge in profits is attributed to elevated crude oil prices, which averaged around $92 per barrel from April through June, a 27% increase from the first quarter.45
In response to Trump's comments, Chevron's shares fell nearly 2%, while Exxon traded slightly lower. The oil majors' stocks were already under pressure as crude prices dropped about 5% amid hopes for U.S.-Iran talks to prevent further escalation. Meanwhile, gasoline prices have risen sharply, averaging $4.10 per gallon nationwide, a 40% increase from the $2.98 per gallon drivers paid before the conflict began.67
Trump's remarks reflect growing public concern over rising fuel costs, as he emphasized, "I don't like it," regarding the profits made during a time of crisis.
“Chevron's Q2 profit soared nearly 400% to $12 billion, Exxon's more than doubled to $14.5 billion, and gasoline averaged $4.10 per gallon, nearly 40% above pre-war prices. Separately, SpaceX reports its first earnings as a public company Tuesday with Q2 revenue expected at $6.81 billion.”
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