The five oil supermajors — Exxon Mobil, Chevron, BP, Shell and TotalEnergies — generated a staggering $48 billion in profit during the second quarter, benefiting from higher fossil fuel prices amid hostilities between the United States and Iran. They also raked in nearly $90 billion in cash generation over the same period, an all-time high even surpassing levels seen after Russia’s full-scale invasion of Ukraine in early 2022. U.S. President Donald Trump criticized American oil majors Exxon and Chevron for making « too much money » and reiterated his demand for lower pump prices. According to analysts, the companies did not use these cash windfalls to boost production under the « drill baby drill » policy but instead focused on building cash reserves and reducing debt, while capital spending, dividends and buybacks remained stable.
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