Trump Criticizes Exxon, Chevron for Profiting from High Oil Prices; Shares Fall
President Trump said Monday that ExxonMobil and Chevron earned excessive profits from rising oil prices during the Iran conflict, adding he disliked the situation. U. S. crude averaged about $92 a barrel in the second quarter of 2026, up 27% from the first quarter. Chevron's profit surged nearly 400% year-on-year to $12 billion, while ExxonMobil's more than doubled to $14.5 billion. Following the remarks, ExxonMobil shares gave back 0.7% intraday and Chevron fell 2.2%.
President Trump said Monday that ExxonMobil and Chevron earned excessive profits from rising oil prices during the Iran conflict. He criticized the two companies for benefiting from the oil supply shortage, saying, "I don't like it." In the second quarter of 2026, the average closing price of U. S. crude was about $92 per barrel, up roughly 27% from the first quarter, mainly due to Iran's threat to cut off oil exports through the Strait of Hormuz.
Both companies reported second-quarter results last Friday. Chevron's profit surged nearly 400% year-on-year to $12 billion, compared with $2.5 billion in the same period of 2025. ExxonMobil's profit more than doubled to $14.5 billion, up from $7.1 billion in the same period of 2025. These results reflect significant gains during the period of high oil prices.
In response to Trump's comments, ExxonMobil shares gave back 0.7% intraday, while Chevron shares fell 2.2%.
Why this event matters
The event has a measured impact on 2 industrys. The strongest current signal is mixed for Oil & Gas Exploration, with intensity 60/100 and 70% confidence over a short term horizon.
Oil & Gas Exploration
- Direction
- mixed
- Intensity
- 60
- Confidence
- 70%
- Horizon
- Short term
Refining & Petrochemicals
- Direction
- mixed
- Intensity
- 50
- Confidence
- 65%
- Horizon
- Short term
Impact figures are analytical estimates that combine direction, intensity, confidence and event importance. They are not investment advice.