President Donald Trump escalated his criticism of the energy industry on August 3, 2026, publicly rebuking ExxonMobil and Chevron for what he characterized as excessive profits. Speaking in the Oval Office, Trump said, "Based on a shortage, they're making too much money," and warned that the companies must "give some of that back to the public" by cutting retail prices, according to the Washington Examiner.
The remarks came just days after both oil majors reported blockbuster second-quarter earnings. Chevron posted net income of $12 billion, a nearly 400% jump from $2.5 billion in the same period of 2025, while ExxonMobil reported profits of $14.5 billion, more than double its year-earlier result. Combined, the two companies booked $26.5 billion in Q2 net income, according to UPI.
The profit surge is directly tied to the US-Iran conflict, which began on February 28, 2026. US crude oil futures averaged around $92 per barrel from April through June, about 27% higher than the first quarter, according to CNBC. At the pump, the national average gasoline price hit $4.10 per gallon as of August 3, 2026, up nearly 40% from the $2.98 per gallon recorded on February 27, just before hostilities began, according to AAA data.
This is not the first time Trump has targeted the energy sector. On June 24, 2026, he accused Exxon, Chevron, Shell, and BP of price gouging and ordered a Department of Justice investigation, arguing that crude prices had fallen roughly 36% without a corresponding drop at the pump. That probe remains active, and Trump's latest comments broaden the criticism to overall profit levels.
For financial advisors, the tension between geopolitical risk and earnings upside has been a defining theme of 2026. Energy stocks have served as a hedge during the conflict, with the State Street Energy Select Sector SPDR ETF (XLE) up more than 36% year-to-date. Advisors may also be watching how these dynamics affect client portfolios, especially given the broader market implications of rising energy costs.
The profit windfall is not limited to American firms. Saudi Aramco, the world's largest oil exporter, reported a jump in second-quarter adjusted net income on August 4, 2026, driven by higher prices for crude, refined products, and chemicals. In Canada, producers anticipated sharply higher profits but signaled at an April 2026 industry conference in Toronto that gains would flow back to shareholders rather than fund new capital investment, according to EnergyNow.
Jon McKenzie, CEO of Cenovus Energy, one of Canada's largest oil sands producers, said in an interview at the conference: "We are a commodity-based business. When we see global prices rise for energy, we participate in that. But I don't think it's going to have any strategic or long-term impacts on anybody's operating plans at this point." Canadian producers cited pipeline capacity constraints and regulatory uncertainty as reasons to hold back on new drilling.
British oil giant BP also reported that its April-to-June profits more than doubled year-over-year, reaching $5.7 billion, its highest in four years. BP plans to sell its US renewable gas business Archaea and its North Sea oil operations, which it has run for over 60 years.
As the energy sector continues to reap outsized gains, the political and regulatory pressure is likely to intensify. Advisors should monitor how these developments affect energy stocks and broader market sentiment, particularly as the DOJ investigation unfolds and the White House pushes for consumer relief.
