ExxonMobil and Chevron report blowout profits as Trump touts benefits of high oil prices - NBC News
ExxonMobil and Chevron reported record-breaking profits as oil prices remain high due to the ongoing U.S.-Iran conflict. The surge in energy costs has become a significant political issue ahead of the midterm elections, with President Trump facing criticism over his previous campaign promises to lower gas prices.
Why it matters
High energy prices are a primary driver of inflation and a major point of contention for voters, directly impacting the political landscape and consumer purchasing power.
It’s a good time to be an oil company. The two largest U.S. oil companies, ExxonMobil and Chevron, on Friday reported blowout profits that easily beat expectations as oil prices remain sharply elevated because of the U.S. war with Iran. ExxonMobil reported a profit that doubled from the same period last year, while Chevron’s earnings surged more than 180% from a year earlier. As part of the bumper returns, Exxon said it was increasing the dividend it pays to investors. The returns at both companies came as the price of oil surged beyond $100 per barrel and has remained there for months. On Friday, prices accelerated again, with Brent oil trading closing just under $118 per barrel. The highest level that Brent reached since the United States and Israel launched the Iran war in late February was $126, which it is now approaching again.
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