Trump Slams Exxon and Chevron for 'Excessive Profits' Amid War-Driven Earnings Boom

President Donald Trump has publicly rebuked ExxonMobil and Chevron for what he called 'excessive profits' amid record earnings. The US-Iran war has pushed up crude prices, with pump costs rising nearly 40% since February.

The president said the companies should pass some of their gains back to consumers and cut retail prices. Trump's comments follow a Department of Justice investigation into possible price gouging by Exxon, Chevron, Shell, and BP.

Chevron posted second-quarter earnings of $12 billion, up from $2.5 billion in 2025 (a gain of nearly 400%), while ExxonMobil reported profits of $14.5 billion, more than double its year-earlier result.

The US-Iran conflict has delivered one of the most lucrative periods in the history of global oil and gas, with earnings surging across major companies including Saudi Aramco, which reported a jump in second-quarter adjusted net income on August 4, 2026.