Trump Slams ExxonMobil and Chevron's Record Profits as 'Too Much Money'

US oil giants ExxonMobil and Chevron reported massive windfall profits in Q2 due to surging oil prices caused by the war in Iran. The companies' shares have risen by over 25% since the start of the year. However, President Trump is 'not happy' with their profits, stating that they 'made too much money.'

Trump suggested that one company made 12 times what it did the previous year, although this claim appears to be exaggerated. ExxonMobil reported Q2 revenue of $116 billion, a 42% increase from $81.5 billion in Q2 2025. Chevron also saw significant gains, with revenue up 56% YoY and profits up 385%.

Trump demanded that the companies 'cut' their consumer gasoline prices, but this is easier said than done. The global oil supply chain is complex, and companies like ExxonMobil and Chevron rely on long-term contracts and interconnected networks of wells, pipelines, and refineries to convert crude oil into US gasoline.

Trump stated that the war in Iran was responsible for the high profits and predicted that 'you're gonna see the prices drop through the floor' when the conflict is resolved. However, bringing a swift end to the war may be easier said than done.