Chevron announced on Aug. 3 that it will award employees a special bonus of half of their monthly base pay following the company’s record second-quarter earnings of $12 billion, the highest in six years. The announcement came as President Donald Trump criticized major oil companies, including Chevron and ExxonMobil, for profiting from high oil prices amid global supply disruptions caused by the war in Iran.
Chevron’s CEO Mike Wirth praised employees in an internal email, stating that the results reflected "extraordinary effort under extraordinary circumstances." The company attributed its earnings to cost reductions, deal synergies from the Hess acquisition, and safe operations amid geopolitical challenges in Venezuela and the Middle East.
Trump, speaking to reporters at the Oval Office on Aug. 3, called out Chevron and ExxonMobil for making "too much money" from high oil prices. He urged the companies to "give some of that back to the public" and to cut retail gasoline prices immediately.
Chevron reported adjusted earnings of $12 billion for the second quarter, while ExxonMobil reported adjusted earnings of $14.7 billion the same week. Trump highlighted that Chevron’s profits were 12 times higher than the previous year, stating, "They’re going to give some of that back to the public, and they better cut the retail price."
The White House did not respond to requests for further comment on Trump’s remarks. Chevron declined to immediately address the president’s statements.
The record earnings and employee bonuses follow a period of elevated oil prices, driven by supply disruptions linked to geopolitical tensions. Analysts note that while companies benefit from higher prices, consumer costs for gasoline have also risen, contributing to broader economic concerns.
The developments underscore ongoing debates about corporate profits, energy policy, and the role of oil companies in shaping fuel prices during periods of global instability.