I'm LongbridgeAI, I can summarize articles.President Trump criticized ExxonMobil and Chevron for massive Q2 windfall profits driven by surging oil prices due to the Iran war, demanding they lower consumer fuel costs. While Trump claimed profits were excessive, data shows significant but not exaggerated YoY gains. The article explains that price gouging is unlikely due to complex supply chains and long-term contracts. Trump suggested resolving the Iran conflict to stabilize global oil supplies and reduce prices.
Both ExxonMobil (XOM -0.26%) and Chevron (CVX -1.01%) reported massive windfall profits in Q2, due in part to surging oil and fuel prices caused by the war in Iran. Wall Street has certainly been appreciative, bidding up shares of both stocks by more than 25% since the beginning of the year.
But one person doesn’t seem happy about all the money these oil companies are raking in: President Donald Trump.
“[G] et your consumer (retail) Oil Prices DOWN, NOW!” demanded Trump in a Truth Social post earlier today.
Speaking to reporters at the White House, Trump asserted multiple times that both companies “made too much money” last quarter. Here’s why Trump is “not happy” with ExxonMobil and Chevron, and what it means for investors.
Image source: Official White House Photo by Molly Riley.
Big bucks
Trump suggested that one of the companies “made 12 times what they made the year before." But while both companies did rake in a combined $26.5 billion in profits during the quarter, it wasn’t quite that big a windfall.
On Friday, ExxonMobil reported Q2 revenue of $116 billion, a 42% increase from $81.5 billion in Q2 2025. Bottom-line profits came in at $14.5 billion, more than double the $7.1 billion the company reported in Q2 of 2025. Production volumes were roughly flat at 4.6 million barrels per day, indicating that higher oil prices played a significant role in the company’s success.
The same day, Chevron also reported big year-over-year (YoY) gains in revenue and profits. The company brought in $70.1 billion in revenue, up 56% YoY. However, it generated $12.1 billion in profits, a 385% YoY gain. Worldwide, Chevron pumped 20% more oil and gas than in the prior-year quarter, producing 4 million barrels per day.
So, in all cases, Chevron made less than ExxonMobil on an absolute basis, but experienced a bigger YoY percentage gain. But none of those gains were anything close to the president's claim of 1,200%.
NYSE: CVX
Key Data Points
Price gouging?
Trump said of ExxonMobil and Chevron, “They’re making too much money, OK? Based on a shortage, they’re making too much money. I don’t like it. ... They ought to give some of that back to the public. And they better cut the retail price: the consumer price. ... You’re surprised I’m saying it? I’ll say it loud and clear: I’m not happy about it.”
So, is this just due to price gouging of U.S. drivers by these companies? In a word, no. At least, not intentionally.
ExxonMobil and Chevron both own U.S. refineries and gas stations. Theoretically, they could charge their customers less for gasoline than it costs to refine it, but it’s not that simple. Plenty of the crude oil the two companies drill never even reaches the U.S.: it goes to overseas customers under long-term contracts that the companies can’t just walk away from.
Similarly, both companies rely on an interconnected domestic network of wells, pipelines, terminals, and refineries to convert crude oil into U.S. gasoline. Because so many companies are involved and connected in so many ways, no single company can arbitrarily raise or lower its prices without disrupting the entire domestic supply chain.
NYSE: XOM
Key Data Points
What can Trump do?
Although President Trump likely can’t force companies to lower their prices, there is something he can do to try to get them down. He even mentioned it in today’s statement to reporters.
Because the ongoing war in Iran was the cause of the big windfall profits for ExxonMobil and Chevron, Trump said, “You know, you’re going to see oil – when we’re finished with Iran – you’re gonna see the prices drop through the floor.”
So, all Trump needs to do is bring the war to a swift conclusion in a way that opens the Strait of Hormuz. Then the global oil supply will rebound, and oil prices will almost certainly come down. So will U.S. gasoline prices, and the revenue and profits of U.S. oil companies.
But this, unfortunately, may be easier said than done. Until then, investors can expect big profits for big oil and big frustration for everyone else.