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May 14, 2026

Trump says Houston's biggest oil giants are making 'too much money'

"I should be the last one to say because I'm a big free enterprise guy," Trump said.

"Chevron, too much money. Exxon Mobil, too much, too much money," Trump told reporters in the Oval Office. "I don't like it, and I should be the last one to say because I’m a big free enterprise guy." 

Houston's booming oil industry has long been one of the region's defining economic engines, but President Donald Trump is calling out two of the industry's biggest companies for earning too much. 

Trump criticized ExxonMobil and Chevron on Monday, saying the companies have benefited from strong profits and should return more money to consumers by lowering fuel prices, according to reports from Politico and Reuters. 

"Chevron, too much money. Exxon Mobil, too much, too much money," Trump told reporters in the Oval Office. "They ought to give some of that back to the public, and they better cut the retail price, the consumer price."

Houston, TX, USA - Apr 16, 2025: Exterior view of Chevron Corporation's global headquarters in Houston, Texas. Chevron Corporation is an American multinational energy corporation.

The president also noted to reporters the irony of him blasting the companies, considering his own business-minded background. 

"I don't like it, and I should be the last one to say because I’m a big free enterprise guy," he said. "Nobody bigger."

US President Donald Trump speaks before signing an executive order in the Oval Office of the White House in Washington, DC on August 3, 2026.

The comments came days after both Houston-area energy giants reported billions in second-quarter earnings, benefiting from higher crude prices, record production and stronger refining margins, all while conflict in the Middle East disrupted global energy markets.

Exxon, headquartered in Spring, reported $14.5 billion in second-quarter profits, more than double the roughly $7.1 billion it earned during the same period last year. Chevron, meanwhile, reported $12 billion in net income, a nearly 400 percent increase from the $2.5 billion it posted in the second quarter of 2025.

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