Trump reacts to ExxonMobil and Chevron: 'They are making too much money, I don't like it'

U.S. President Donald Trump voiced his disapproval of the substantial profits reported by energy giants ExxonMobil and Chevron for the second quarter. Responding to questions from reporters after a White House event, Trump stated, "They are making too much money because of supply constraints. I don't like it."

Despite identifying himself as a strong proponent of free-market economics, Trump asserted that companies profiting excessively should return some of it to the public. He specifically suggested that ExxonMobil and Chevron should lower retail prices for consumers. "When you see a company making 12 times more profit than the previous year, they should give some of that back to the people. They should lower the retail price, the consumer price," Trump said. He added, "You might be surprised to hear me say this, but I'm saying it openly and clearly: I am not happy about it."

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They are making too much money because of supply constraints. I don't like it.

ExxonMobil and Chevron announced their financial results for the April-June 2026 period on July 31. ExxonMobil reported a net profit increase of 105.1% year-over-year, reaching $14.5 billion. Chevron's net profit saw an even larger jump, rising 384.8% in the same period to $12.1 billion.

Trump's comments come amid ongoing discussions about energy prices and corporate profits. He previously argued that oil prices would plummet once tensions with Iran subsided. However, his current remarks highlight a direct critique of the energy sector's profitability, suggesting a disconnect between market dynamics and his expectations for corporate behavior regarding consumer costs.

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You might be surprised to hear me say this, but I'm saying it openly and clearly: I am not happy about it.