Trump's Midterm Woes: ExxonMobil and Chevron Reap Billions from Oil Price Surge
US oil giants ExxonMobil and Chevron are set to report record-breaking profits on Friday due to the ongoing Middle East crisis, which has driven up crude oil prices. The conflict, sparked by a US-Iran war, has led to an unprecedented supply shock with the virtual closure of the Strait of Hormuz.
The reports from ExxonMobil and Chevron reflect the significant impact on their bottom lines from the industry's booming profits. According to S&P Capital IQ, ExxonMobil is projected to report $14.9 billion in quarterly profits, more than double its profit from the same period last year. Chevron is forecast to report profits of $11.1 billion, a fourfold increase over 2025 levels.
Despite the windfall profits, President Donald Trump has expressed concern about gasoline prices, which have shot back above $4 per gallon on the latest war escalations. US consumers are feeling the squeeze, with prices standing at $4.10 per gallon (RM16.77 per gallon), a 31% increase over year-ago levels.