Trump Slams Exxon, Chevron for 'Too Much Money' as Glencore Trading Profits Soar
XOM sits 46% above its 52-week low of $105.525.
Summary
President Trump publicly accused ExxonMobil and Chevron of making 'too much money' amid high gasoline prices, a political risk ahead of midterm elections. The criticism comes as Glencore reported a 66-fold surge in energy trading profits to $2.66 billion, driven by market dislocations from the Iran war. This follows Exxon's record Q2 net income of $14.5 billion and its recent warning that fuel prices will stay elevated in H2 2026. The White House pressure adds a regulatory and reputational overhang for U.S. oil majors already under scrutiny for wartime profits.
At the time of this announcement, XOM was trading at $154.47 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $633.1B. The 52-week trading range was $105.53 to $176.41. This news item was assessed with negative market sentiment and an importance score of 8 out of 10. Source: Reuters.