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U.S. oil giant Q2 profits may surge to $24.7 billion; Trump pressures high oil prices again

2026-07-09 08:44:22

Abstract generation in progress

Mars Finance News, July 9 - Driven by the escalation of the Middle East situation and rising energy prices, ExxonMobil and Chevron are expected to report second-quarter net profits of $15 billion and $9.7 billion respectively, totaling approximately $24.7 billion, both more than tripling from the previous quarter. Meanwhile, refiners such as Marathon Petroleum and Valero Energy are also expected to hit recent record highs in profitability. Facing persistently high gasoline and diesel prices, Trump has recently been pressuring the energy industry to lower fuel prices and has instructed the U.S. Department of Justice to investigate whether oil companies have engaged in price gouging. Analysts believe that with the midterm elections approaching, high oil prices are continuing to fuel U.S. inflation pressures, and the confrontation between the Trump administration and oil giants may further escalate.

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