War Boom Leads to $14.5 Billion Profit...Trump Pressures "ExxonMobil, Chevron, Lower Prices"

▲ ExxonMobil (XOM), Chevron (CVX)/AI-generated image

U.S. President Donald Trump publicly pressured ExxonMobil (ExxonMobil, XOM) and Chevron (Chevron, CVX), demanding that they return the surging profits made during the Iran war to consumers by lowering gasoline prices.

According to crypto media outlet BeInCrypto on August 3 (local time), Trump met with reporters at the White House and directly named the two companies. Trump stated, “They are making too much money based on supply shortages. I don't like it.” He emphasized that prices would “fall to the floor” once the war ends, and a portion of the profits should be returned to consumers.

Chevron and ExxonMobil announced their second-quarter earnings three days before Trump's remarks, significantly exceeding market expectations. Chevron's net profit more than quadrupled from $2.5 billion in the same period last year to $12.1 billion. ExxonMobil's net profit also more than doubled from $7.1 billion to $14.5 billion.

International oil prices surged after the United States and Israel attacked Iran on February 28. Brent crude, which was around $72 per barrel at the time, once soared to nearly $120. The increase in March reached 51%. U.S. crude oil futures prices also averaged about $92 per barrel from April to June, 27% higher than in the first quarter.

The average national gasoline price in the U.S. jumped from $2.98 per gallon before the war to $4.09. High international oil prices and expanded refining margins boosted the performance of both companies. Chevron reduced its debt by a record $8.4 billion with its increased cash. ExxonMobil returned $9.4 billion to shareholders through dividends and share buybacks.

Immediately after Trump's remarks, Chevron's stock price fell by about 2%, and ExxonMobil also saw a slight decline. While Trump has generally shown a friendly stance toward the fossil fuel industry, this time he directly criticized the two companies' profit margins and gasoline prices.

[Article Summary]

-U.S. President Donald Trump demanded that ExxonMobil and Chevron lower gasoline prices, stating that they made excessive profits amid supply shortages.

-Chevron's Q2 net profit more than quadrupled to $12.1 billion, and ExxonMobil's increased by more than double to $14.5 billion.

-The average national gasoline price in the U.S. rose from $2.98 per gallon before the war to $4.09.

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