Petrol prices strain US households as oil giants Chevron, Exxon profits soar

Major US oil producers have posted robust financial results amid elevated global energy prices, prompting political scrutiny from the White House. Chevron achieved its highest quarterly profits in six years, with adjusted earnings per share reaching $6.06, while ExxonMobil also reported strong results, though below analyst expectations. The earnings surge coincides with geopolitical tensions that have strained oil supply chains, particularly through the strategically important Strait of Hormuz, where approximately one-fifth of global energy supplies typically transit.

President Trump publicly criticized both companies for what he characterized as excessive profitability, stating his administration's policies had been instrumental to the oil industry's success. Trump's comments followed a media appearance by Chevron's chief executive, in which Trump felt the executive had failed to adequately acknowledge the administration's role in supporting the sector.

Chevron's financial performance benefited from its geographic positioning and operational structure. The company maintains less than 5 percent exposure to the Strait of Hormuz compared to competitors, insulating it from supply disruption risks. Additionally, over 70 percent of Chevron's production occurs within the United States, where current margins are particularly favorable. Brent crude prices rose 23 percent during the quarter compared to the prior three-month period.

The company also capitalized on policy changes permitting expanded oil production in Venezuela following political developments in that nation. Chevron maintained operations in Venezuela despite historical nationalization policies, positioning it to benefit from renewed production opportunities.

Meanwhile, American households, particularly those with lower incomes, have experienced financial strain from elevated petrol prices, with some spending more than 10 percent of monthly income on fuel.