President Donald Trump publicly rebuked ExxonMobil Holdings Corp. (NYSE: XOM) and Chevron Corp. (NYSE: CVX) over their surging profits as oil prices climb during the ongoing U.S.-led war against Iran.
Trump told reporters in the Oval Office on Monday that America’s biggest oil companies are profiting excessively during a period of national and global strain.
“Based on a shortage, they’re making too much money,” Trump said. “I don’t like it, and I should be the last one to say it because I’m a big free enterprise guy. Nobody bigger.”
Trump called on the companies to cut retail gasoline prices and return value to everyday consumers, framing the appeal as a matter of public responsibility during wartime.
The two companies last week reported a combined $26.5 billion in second-quarter profits, a figure that has drawn sharp attention from both the White House and the public.
Chevron’s profits surged 400% compared to the second quarter of 2025, marking its highest quarterly earnings in six years, driven largely by disruptions to Middle Eastern energy infrastructure.
ExxonMobil reported second-quarter earnings of $14.5 billion, or $3.48 per share, more than doubling its year-earlier result of $7.1 billion, with operating cash flow reaching $23.6 billion.
ExxonMobil returned $9.4 billion to shareholders during the quarter, comprising $4.3 billion in dividends and $5.1 billion in share buybacks, as the company ran its refineries near maximum capacity.
With the Strait of Hormuz under Iranian control and repeated disruptions to commercial shipping in the Gulf, oil prices have surged sharply since the conflict began in February.
Average U.S. gasoline prices reached nearly $4.10 per gallon this week, according to AAA, reflecting the broader market shock from ongoing regional instability and damaged energy infrastructure.
Trump also singled out Chevron CEO Mike Wirth, criticizing him for not giving the administration sufficient credit for policies that supported Chevron’s operations in Venezuela.
The president promised that when his administration is “finished with Iran,” consumers will “see the prices drop through the floor,” with the remarks coming fewer than 100 days before November’s midterm elections.
The rebuke marks a notable departure for Trump, who has consistently championed expanded U.S. oil and gas production and whose policies have broadly benefited the energy sector.
The episode draws comparisons to former President Joe Biden, who accused Chevron and ExxonMobil of “war profiteering” after oil prices surged following Russia’s invasion of Ukraine in February 2022.
Biden threatened Big Oil with tax increases a week before the 2022 midterm elections unless producers ramped up output to lower costs for American consumers, a political play Trump now appears to be echoing.
