Trump Slams ExxonMobil and Chevron's 'Too Much Money' Windfall Profits
President Trump has publicly expressed dissatisfaction with the massive windfall profits of ExxonMobil and Chevron, two major US oil companies. The president's comments come after both companies reported significant year-over-year gains in revenue and profits due to rising oil prices caused by the ongoing war in Iran.
ExxonMobil reported Q2 revenue of $116 billion, a 42% increase from last year, with bottom-line profits reaching $14.5 billion, more than double what they were in Q2 2025. Chevron also saw big gains, bringing in $70.1 billion in revenue and generating $12.1 billion in profits, a 385% YoY gain.
Trump stated that the companies 'made too much money' due to the shortage caused by the war, saying they should 'give some of that back to the public.' He also warned them to cut retail prices for consumers, claiming it's not just about price gouging. However, experts point out that the companies cannot simply lower their prices without disrupting the entire domestic supply chain.
Trump believes that ending the war in Iran and opening the Strait of Hormuz will lead to a rebound in the global oil supply and subsequently lower oil prices. Until then, investors can expect big profits for ExxonMobil and Chevron, but frustration for everyone else.