Here’s How Much Chevron and Exxon Made While Americans Paid More at the Pump

• Trump Chevron tensions escalated after Trump called out Chevron and Exxon over record Big Oil profits from the US-Iran conflict, urging the companies to lower gas prices despite higher oil prices boosting earnings
• Chevron and Exxon delivered some of their strongest quarterly results in years, returning billions of dollars to shareholders through dividends and buybacks
• Rising oil prices have strengthened Big Oil earnings, but consumers continue to face elevated gas prices as geopolitical tensions keep energy markets on edge

While Americans continue to struggle with high gas prices, the same environment has ended up profitable for many oil companies. The recent US-Iran conflict, coupled with higher oil prices, has helped major oil companies generate record profits, with Chevron and Exxon encountering blockbuster earnings. In a recent update, President Trump called out Chevron before saying the same message applied to other major oil companies. He later also singled out ExxonMobil, adding that they need to slash gas prices and that they need to “give some back to the public.”

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Chevron and Exxon Turn Higher Oil Prices Into Record Cash Flow

The US-Iran conflict narrative has proven to be profitable for many. For starters, the conflict has bolstered Chevron and Exxon market positioning, helping them deliver one of their strongest quarters to date. Chevron reported quarterly revenue of $70B, up 56% from a year earlier. The company’s earnings have reached $6.06 per share, beating Wall Street’s expectations. The company has also generated $8.2B in upstream earnings and $4.9B in downstream earnings. The firm returned $6.5B to shareholders in the form of dividends and shareholder buybacks this quarter.

Exxon Mobil, on the other hand, reported a staggering $116.02B in revenue and $14.5B in net profits. The company also produced its strongest upstream output in two decades. It returned $9.4B to shareholders through dividends and buybacks.

The Trump Chevron and Exxon callout has spurred a debate on the oil company profit mechanism. JPMorgan has also recently noted that AI spending and the energy sector have been among the strongest contributors to the current US economic momentum, adding another layer to the debate around where today’s economic growth is coming from.

Why Big Oil Profits Keep Rising

The biggest driver behind these results has been the higher oil prices. Brent Crude has averaged around $92.55 per barrel during the second quarter. This number is 45% higher than the previous quarter as geopolitical tensions surrounding the Iran conflict tightened supply expectations and pushed crude prices higher. This development pushed the energy sector’s earnings to a record 128% YoY.

At the same time, the US-Iran conflict has weighed heavily on the average American. Heightened gas prices due to the US Iran conflict had made it harder for Americans to keep pace while big oil firms continued to make more money.

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Should Trump Truly Blame Companies?

While the Trump-Chevron-Exxon call-out is the latest talk of the town, the bigger picture is here: another controversy is trying to brew for Trump in the background. Trump is also at the center of another controversy involving his market-moving comments and how they may influence global financial markets.

At the same time, Democratic lawmakers have asked the US SEC to review Truth API, a premium data service launched by Trump Media & Technology Group. Under this subscription-based model, paying subscribers receive low-latency access to Truth Social posts, allowing them to see market-moving posts faster than regular users. Critics argue that the service may provide an informational advantage because Trump’s posts have previously influenced stocks, cryptocurrencies, and commodities. However, Trump Media has rejected those concerns, maintaining that Truth API is simply a premium data feed and not an insider trading service

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