Exxon and Chevron report massive profits after Trump brags U.S. energy companies are ‘making a freaking fortune’ just before midterms

Live updates

1. 1h ago

   Exxon and Chevron Post Massive Profits Amid High Energy Prices

   ExxonMobil and Chevron reported blowout third-quarter financial results driven by jumping refining margins and record production. The earnings reports arrived days after President Trump remarked that United States energy companies are making a freaking fortune from oil price spikes. The broader United States oil industry earned over 130 billion dollars in profit during the Iran war. While energy companies reap massive gains, consumers face high gas prices. Global diesel prices surged after strikes hit refineries in Russia and the Middle East.

   Why it matters

   The financial windfall for oil majors coincides with the approach of midterms, drawing political scrutiny over fuel costs. President Trump previously criticized Big Oil for making too much money before later highlighting the financial benefits of high oil prices. Geopolitical conflicts, including the Iran war and strikes in Ukraine, tightened fuel supplies and fueled the profit surge.

   What is confirmed

   • ExxonMobil and Chevron reported massive profits for the third quarter.
   • Refining margins jumped for Exxon and Chevron, lifting their earnings.
   • President Trump stated that the United States is making a freaking fortune from the Iran war oil spike.
   • The United States oil industry earned over 130 billion dollars in profit during the Iran war.
   • Global diesel prices surged as Ukraine and Iran struck refineries in Russia and the Middle East.

   Still unconfirmed

   • Shareholders like Trump are cashing in on Big Oil profits while consumers pay high gas prices.

   What to watch next

   • Developments in the Iran war and its continued impact on global diesel and oil prices
   • Voter reaction to high gas prices and energy company profits ahead of the midterms
   Sources used for this update (10)

   1. finance.yahoo.com — Exxon’s Report Lands After Trump Called the Oil Spike “A ...
   2. Yahoo Finance — Earnings live updates: Exxon, Chevron refining margins jump, lifting earnings
   3. The New York Times — U.S. Oil Industry Earned Over $130 Billion in Profit During Iran War
   4. CNN — Big Oil is raking in huge profits. Shareholders like Trump are cashing in. You’re paying for it with high gas prices.
   5. NBC News — ExxonMobil and Chevron report blowout profits as Trump touts benefits of high oil prices
   6. Yahoo Finance — Exxon and Chevron report massive profits after Trump brags U.S. energy companies are ‘making a freaking fortune’ just before midterms
   7. www.cnbc.com — Trump called out Big Oil profits. Here’s how much their refining earnings have surged since
   8. www.cnbc.com — Oil earnings Chevron (CVX) and Exxon (XOM) Q3 2026 - CNBC
   9. fortune.com — Exxon, Chevron report massive profits as Trump brags energy ...
   10. www.theguardian.com — ExxonMobil and Chevron top estimates for Q3 as Americans feel ...
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