On August 3, 2026, President Trump accused ExxonMobil Holdings Corporation (NYSE:XOM) and Chevron Corporation (NYSE:CVX) of making “too much money” off high fuel prices just three days after both companies reported blowout second-quarter earnings fueled by the ongoing Iran war.
Trump told reporters, “Chevron, too much money. ExxonMobil, too much. Too much money,” demanding the companies “give some of that back to the public.”
Why Record Profits Just Became a Political Problem
Chevron Corporation (NYSE:CVX)’s earnings soared nearly 400% to $12 billion, and ExxonMobil Holdings Corporation (NYSE:XOM)’s more than doubled to $14.5 billion, both driven by crude prices that jumped after the U.S. and Israel struck Iran in February and Tehran retaliated by threatening the Strait of Hormuz. Gasoline prices have climbed nearly 40% since the war began, a real problem for Trump heading into November’s midterm elections.
Earlier Monday, Trump also publicly criticized Chevron CEO Mike Wirth on social media for not crediting his administration during a Fox News interview, writing that without “the genius, foresight, strength, and stability” of his administration, the oil industry “would be DEAD.”
This makes you wonder: Is Trump’s political pressure a real threat to these huge oil profits, or just pre-election talk while prices are already sliding on hope the Iran conflict ends soon?
For illustration purposes only. Photo by Kayden Moore on Pexels
Chevron’s Bull and Bear Case
Chevron Corporation (NYSE:CVX)’s quarterly profit was its highest in at least six years, and the company’s return to Venezuela stands out as a genuine growth story: it stayed in the country through nationalization in 2007 while Exxon and ConocoPhillips both exited, and Trump himself noted Chevron is “back, far bigger and stronger than ever before.”
However, Chevron shares fell about 2% after Trump’s comments Monday, and the company now faces direct presidential pressure to cut prices even as it posts record results. Being singled out by name is a real reputational risk few oil executives want.
Exxon’s Bull and Bear Case
ExxonMobil Holdings Corporation (NYSE:XOM)’s profit more than doubled year over year, showing just how much the Iran-driven price spike has boosted the industry’s biggest player. The company still makes huge amounts of cash, even without a big comeback story like Chevron’s.
Still, Exxon shares also slipped after Trump’s remarks. Unlike Chevron, Exxon left Venezuela in 2007, leaving it with fewer growth options besides high oil prices, which just dropped 5% on Monday as Iran tensions eased.
Insider Monkey’s Hedge Fund Data
Insider Monkey’s hedge fund database shows Chevron had 103 hedge fund holders as of Q1 2026, up from 86 the quarter before, with the dollar value hedge funds held rising from about $26.3 billion to $29.6 billion. ExxonMobil Holdings Corporation (NYSE:XOM) had 94 holders, down from 98.
Among refining peers, Valero had 67 holders, up from 65, and Marathon Petroleum had 54, down from 64. Chevron draws more hedge fund interest than Exxon and both refiners.
Conclusion
Both companies just posted some of their best results in years, but the same war that delivered those profits has now put a target on their backs in Washington. Neither company controls how long that political pressure or the high oil prices behind it will last.
Overall, Chevron Corporation (NYSE:CVX) wins since it draws more hedge fund interest than Exxon.
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Disclosure: None. This article is originally published at Insider Monkey.
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