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

ExxonMobil and Chevron reported profits Friday from almost $10 billion to over $15 billion amid the Iran war that’s triggering high oil prices and skyrocketing refining margins. Big Oil’s big earnings come amid President Donald Trump touting the “freaking fortune” U.S. oil companies are raking in during rallies ahead of the Nov. 3 midterm elections.

The war has pushed oil prices well above $100 per barrel and U.S. gasoline costs to autumn records and diesel to all-time highs. Driven by spiking refining profits, Exxon posted a third-quarter profit $15.4 billion, more than double the $7.5 billion profit from the same quarter a year ago, and just shy of its highest quarterly profit ever in 2022. Likewise, Chevron’s earnings of $9.9 billion were well up from $3.5 billion a year ago.

“We recognize the impact high prices have on people’s lives and economic growth,” said Exxon CEO Darren Woods during Friday’s earnings call. “We always have, which is why we have been constantly focused on efficiently growing advantaged production to keep markets supplied. That focus and commitment pays off in times like this.”

He specifically cited a large refining expansion in Beaumont, Texas in 2023 that he said has kept prices from rising even higher.

The earnings reports—including huge earnings from London-based Shell and BP—come as Trump highlights the big profits for U.S. oil companies on the campaign trail. “I could just see the fake headlines. ‘President Trump is talking about all the money they’re making while people are suffering at the pump.’ That’ll be the headline,” Trump said. “But I said, ‘I don’t give a damn. I’m going to say it.’ We’re making a freaking fortune.”

In fairness, the Big Oil companies have been careful not to brag about how much they’re profiting from the Iran war. After all, they don’t control the global markets for oil and fuel prices and, like most corporations, they’re maximizing their profits in a favorable commodities environment.

Exxon’s stock is up 62% in 12 months, including a 1% hike Friday. Chevron is up 53% in a year, also counting a gain of over 1% Friday.

But the companies that focus more exclusively on oil refining have proven even bigger winners, especially from roughly 10% of global refining capacity offline in the Middle East and Russia. Phillips 66 and Valero Energy reported their most profitable quarters ever this week—$5.6 billion and $6.8 billion, respectively. Philips 66’s is up 104% in a year, and Valero has risen by a whopping 140%.