Exxon and Chevron post record profits as US drivers pay record prices

ExxonMobil and Chevron announced substantial profit increases on Friday, capitalizing on high global oil prices driven by the ongoing conflict with Iran. ExxonMobil reported third-quarter earnings of $15.4 billion, a figure that more than doubled its profit from the same period a year ago. Chevron saw adjusted earnings rise 186% to reach $10.4 billion. Analysts predict both companies will post record full-year profits as the war continues to disrupt supply chains.

The surge in corporate earnings coincides with the most expensive gas prices for American drivers in a decade. According to AAA, the national average price for gasoline during the third quarter stood at $4.12 per gallon. That figure is 96 cents higher than the average recorded a year prior and marks the highest third-quarter price on record. The cost increases extend beyond gasoline, affecting diesel fuel for farmers and heating oil for homeowners.

Moody’s Analytics estimates that the average US household has spent an additional $1,184 on fuel since the war began. This financial burden has become a political issue as the midterm election approaches. Voters have expressed frustration over pump prices, and agricultural groups report that high diesel costs are straining harvest operations. The rising expenses have created tension for the current administration, which faces a electorate sensitive to inflation.

President Donald Trump defended the industry's windfall during a campaign event in Georgia last Saturday. He stated that the country was generating hundreds of billions of dollars because oil was flowing from the Middle East to states like Texas, Oklahoma, and Louisiana. “We’re making a freaking fortune,” Trump said. A White House official told CNN that the President was highlighting the United States' status as the world's top producer and exporter of oil, arguing that this energy dominance strengthens national security and enriches the nation.

International oil majors are also benefiting from the price spike. Shell, based in London, reported third-quarter profits of $12 billion on Thursday, a 127% increase from the previous year. For American investors, the gains have been substantial. Shares of ExxonMobil and Chevron have both increased by 52% so far this year through Thursday’s close. Both stocks gained more than 1% in premarket trading on Friday following the release of their earnings reports.

President Trump's personal financial stake in the sector has drawn scrutiny. Democrats on Congress’ Joint Economic Committee analyzed his financial disclosure documents and found that his ownership in these companies grew by as much as $35.8 million in the first half of the year. This increase brings his net holdings in oil and gas to as much as $81.6 million. The committee noted that 94% of Trump’s 2026 purchases in these sectors occurred after the war began.

The White House maintained that the returns were not improper. Spokesman Davis Ingle said that neither the President nor any family member had the ability to direct or influence how the portfolio is invested. “All investment decisions are made entirely by independent managers. There are no conflicts of interest,” Ingle stated. The administration argued that the gains reflect positive market performance under their leadership, delivering real benefits to American companies and families.