Trump Slams Houston Oil Giants for 'Too Much Money'
US President Donald Trump criticized Houston-based oil giants Chevron and ExxonMobil for earning 'too much money' in their second-quarter earnings reports. The companies reported billions in profits, with ExxonMobil earning $14.5 billion, more than double its earnings from the same period last year, and Chevron reporting $12 billion in net income, a nearly 400% increase from 2025.
Trump expressed his disapproval during a press conference in the Oval Office, stating that the companies should return some of their profits to consumers by lowering fuel prices. He acknowledged the irony of his comments, given his own business background, but emphasized his stance as a 'big free enterprise guy.'
The energy giants' earnings reports attributed their success to higher crude prices, record production, and stronger refining margins, all while conflict in the Middle East disrupted global energy markets. In statements accompanying their reports, both CEOs acknowledged the impact of current geopolitical events.