Trump criticized ExxonMobil and Chevron on Monday, saying the companies have benefited from strong profits and should return more money to consumers by lowering fuel prices, according to reports from Politico and Reuters.
“Chevron, too much money. Exxon Mobil, too much, too much money,” Trump told reporters in the Oval Office. “They ought to give some of that back to the public, and they better cut the retail price, the consumer price.”
The president also noted to reporters the irony of him blasting the companies, considering his own business-minded background.
“I don’t like it, and I should be the last one to say because I’m a big free enterprise guy,” he said. “Nobody bigger.”
Exxon, headquartered in Spring, reported $14.5 billion in second-quarter profits, more than double the roughly $7.1 billion it earned during the same period last year. Chevron, meanwhile, reported $12 billion in net income, a nearly 400 percent increase from the $2.5 billion it posted in the second quarter of 2025.
Both companies could not be immediately reached for comment. However, both CEOs acknowledged the impact of current geopolitical events in statements accompanying their earnings reports.
“The second quarter was shaped by disruption, but defined by execution,” ExxonMobil Chairman and CEO Darren Woods said. “Markets were supportive, but our performance reflected the strength of the portfolio and operating model we have built over many years.”
“Faced with geopolitical uncertainty and market volatility, Chevron’s people remain focused on safely delivering the reliable energy the world needs,” Chevron Chairman and CEO Mike Wirth said. “Our strong second quarter performance is a result of disciplined investment and strong execution that drove record U.S. upstream production, record crude throughput in our U.S. refineries, and exceptional reliability across key assets.”
“The only thing he conveniently forgot to mention is that, without the genius, foresight, strength, and stability, of the TRUMP Administration, the Oil Industry, and our Country itself, would be DEAD!” Trump wrote, adding that all oil companies must “get your consumer (retail!) Oil Prices DOWN, NOW!”