Trump Targets Chevron and ExxonMobil Over Profits
President Trump attacked Chevron and ExxonMobil for excessive profiteering, singling them out in the Oval Office on Monday. He claimed that they made 'too much money' from their oil-and-gas production business as benchmark crude prices climbed roughly 50% year over year.
Chevron's adjusted earnings hit $12 billion, its best three-month stretch in at least six years, fueled by a near-tripling of profit from its oil-and-gas production business. ExxonMobil reported GAAP earnings of $14.5 billion and adjusted earnings of $14.7 billion.
However, Trump's math was off: Chevron's profits rose 380%, not twelvefold as he claimed, while ExxonMobil's growth was a 105% increase. The two majors booked about $26.5 billion in quarterly profit.
The president's comments came three days after the companies posted second-quarter numbers that ranked among their strongest in years. The conflict in the Middle East has disrupted tanker traffic through the Strait of Hormuz, contributing to higher oil prices and pump costs.