U.S. oil majors reported combined Q2 profits of $29 billion, triple year-ago levels, amid geopolitical tensions driving crude to $92 per barrel.
President Donald Trump demanded ExxonMobil and Chevron reduce retail gasoline prices after both companies posted record second-quarter earnings. Combined profits reached $29 billion, more than three times the $7.1 billion earned in the same period last year.
Chevron’s earnings surged to $12 billion, a near 400% increase from $2.5 billion a year earlier, while ExxonMobil reported $14.5 billion, up from $7.1 billion. The gains followed a 27% rise in U.S. crude prices to $92 per barrel, driven by disruptions in the Strait of Hormuz after military strikes on Iran in February.
Nationwide gasoline prices climbed to $4.10 per gallon, nearly 40% higher than the $2.98 per gallon recorded before the conflict began. Trump urged the companies to pass savings to consumers, though neither Exxon nor Chevron has responded to requests for comment.