Exxon and Chevron post blowout profits as gas stays 40% higher since Iran war began

ExxonMobil and Chevron, the two biggest U.S. oil companies, reported blowout profits on Friday that beat expectations. Oil prices remain sharply higher because of the U.S. war with Iran ¹. ExxonMobil's profit doubled from a year ago, and Chevron's earnings rose more than 180% ¹.

Exxon also raised the dividend it pays investors ¹. It said it plans to buy back $20 billion of its own shares in 2027, the same as in each of the past two years ². Since January, Exxon shares are up 52% and Chevron shares have returned 50% ¹.

What drivers are paying

Oil has been above $100 a barrel for months. On Friday, Brent crude, the global benchmark, traded just under $118 ¹. Its high since the war began in late February is $126 ¹.

The average price of regular gasoline is up 40% since the war broke out ¹. Diesel is up 78% nationwide since January, and diesel futures have jumped 130%, which could mean more increases at the pump ¹.

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BP, another major oil company, reported overnight that its profit hit an 18-year high ¹. Exxon's refining business now earns more than its drilling business for the first time in at least six years, Reuters reported ².

The companies' explanation

Exxon CEO Darren Woods blamed the closure of the Strait of Hormuz, a key shipping route, and Ukrainian bombing that he said took out about half of Russia's refinery capacity ¹. Both companies said they are running refineries at maximum output to produce diesel ¹. Exxon's chief financial officer, Neil Hansen, acknowledged the strain on customers ².

It's important to acknowledge that these higher fuel prices put real pressure on families and businesses

The president's words

In September 2024, Trump promised: "My plan will cut energy prices in half or more than that within 12 months of taking office." He also said it would mean "gasoline below $2 a gallon" ¹. NBC reports that the average gas price is now more than double that ¹.

At an Oct. 24 rally, Trump said his aides had asked him not to mention the money the country is making from the Middle East turmoil, because people are paying a little more ¹. He said it anyway.

We’re making a freaking fortune.

The administration has tried to bring fuel prices down. Trump signed an order allowing wider use of off-road dyed diesel and pressed European allies to release diesel reserves. He also announced a deal with Vladimir Putin for some Russian diesel ¹. Last week he announced $150 million in Defense Production Act funding for refineries ¹.

Why it matters

That matters because voters have repeatedly said prices and inflation are their top concerns before Tuesday's election ¹. A promise of gas under $2, a pump price more than double that, and record oil profits give Democrats a simple affordability argument. The president's own words at the rally supply the receipt.

Neither the NBC nor the Reuters report included a reaction from Democratic leaders. The oil companies say global supply disruptions, not their own choices, are driving prices ¹².

The Record

1. Oct 24, 2026At a rally, Trump says the country is "making a freaking fortune" from events in the Middle East ¹.
2. Oct 30, 2026Exxon and Chevron report profits that beat expectations as Brent crude trades just under $118 a barrel ¹.

Sources

1. NBC News, “ExxonMobil and Chevron report blowout profits as Trump touts benefits of high oil prices” (2026-10-30). nbcnews.com/business/energy/exxonmobil-chevron-profits-trump
2. Reuters (via KFGO), “Exxon, Chevron earnings propelled by war-driven refining surge” (2026-10-30). kfgo.com/2026/10/30/exxon-chevron-earnings-propelled-by-war-

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