Trump Attacks Big Oil's $48 Billion Q2 Profit as Windfall Tax Pressure Builds
Updated
Updated · CNBC · Aug 12
Trump Attacks Big Oil's $48 Billion Q2 Profit as Windfall Tax Pressure Builds
3 articles · Updated · CNBC · Aug 12
Summary
$48 billion in second-quarter profit and nearly $90 billion in cash flow left Exxon, Chevron, BP, Shell and TotalEnergies facing a sharper political backlash over high fuel prices.
Higher fossil-fuel prices during U.S.-Iran hostilities drove the windfall, prompting Trump to accuse Exxon and Chevron of making "too much money" while demanding lower pump prices.
$17 billion of the cash haul was added to reserves, while capital spending, dividends and buybacks stayed broadly stable, suggesting supermajors prioritized balance-sheet strength over a production surge.
BP and Shell said they were focusing on operations, refining and trading to manage volatility, even as analysts said new oil-and-gas investment budgets remain tightly controlled.
Pressure is widening beyond Washington: campaigners are pushing windfall taxes, Portugal has approved one for 2026, and U.S. lawmakers are already debating similar measures.