ExxonMobil and Chevron, the two largest U.S. oil companies, reported exceptional earnings on Friday, October 30, 2026, significantly outperforming expectations amid elevated global oil prices [1]. ExxonMobil's profit doubled compared to the same period last year, while Chevron's earnings surged more than 180% year-over-year [1]. The strong results prompted ExxonMobil to increase its dividend to investors [1]. Additionally, BP reported that its profit skyrocketed to an 18-year high overnight [1].
The exceptional profitability reflects sustained elevated oil prices driven by geopolitical tensions. Brent crude oil traded just under $118 per barrel on Friday, with the highest level since the U.S. and Israel launched military operations against Iran in late February reaching $126 per barrel [1]. ExxonMobil CEO Darren Woods attributed the elevated prices to global disruptions, including the closure of the Strait of Hormuz and the ongoing Ukraine-Russia conflict following Putin's 2022 invasion [1]. Since the start of the year, ExxonMobil shares have risen 52% and Chevron shares have returned 50% [1].
The surge in oil prices has created significant consumer pressure, with the average price of regular gasoline soaring 40% since the Iran war began [1]. This stands in stark contrast to President Trump's 2024 campaign pledge to cut energy prices in half within 12 months of taking office and achieve gasoline prices below $2 per gallon [1]. As of Friday, average gasoline prices exceeded $4 per gallon, more than double Trump's stated target [1]. Despite consumer pain, Trump has celebrated the higher oil and gas profits on the campaign trail, stating on October 24 that "our country is making hundreds of billions of dollars because of what's happened in the Middle East" [1].
CONCLUSION
Major U.S. oil companies delivered record profits driven by geopolitical tensions and elevated crude prices exceeding $117 per barrel, with stock gains of 50-52% year-to-date. However, the resulting 40% surge in consumer gasoline prices creates political pressure ahead of midterm elections, directly contradicting Trump's campaign energy price pledges.