# Exxon and Chevron Post Blowout Profits as Trump Brags Energy Firms Are 'Making a Freaking Fortune' > Exxon's quarterly profit doubled to $15.4 billion and Chevron's nearly tripled to $9.9 billion, driven by refining margins, as the windfall lands days before midterms Trump is calling evidence his energy policies are working. - Source: Principle Post - Canonical URL: https://principlepost.com/article/exxon-chevron-profits-trump-freaking-fortune-midterms - Author: Principle Post Staff - Section: Business - Published: 2026-11-02T11:33:00.000Z - Updated: 2026-11-02T11:33:00.000Z - Tags: ExxonMobil, Chevron, Donald Trump, oil profits, midterms --- ExxonMobil and Chevron reported sharply higher third-quarter profits this week, with Exxon's earnings doubling to $15.4 billion from $7.5 billion a year earlier and Chevron's nearly tripling to $9.9 billion from $3.5 billion. Both companies credited the jump largely to refining operations, where margins have widened as diesel prices climbed to roughly $6.32 a gallon amid supply disruptions tied to the ongoing conflict with Iran. ## Refining margins do most of the work Chevron's refining division profit surged more than 300% to $4.9 billion for the quarter, up from $1.1 billion a year earlier, while Exxon's refining business generated about $7.2 billion in the third quarter alone and has brought in $11.4 billion over the first nine months of 2026, nearly triple the $4 billion it posted over the same stretch last year. Across the broader industry, oil and gas companies generated more than $130 billion in combined profits between April and September, compared with less than $47 billion over the same months in 2025. The surge reflects how disruption to Middle East energy supply routes has widened the gap between crude prices and the price refiners can charge for finished products like diesel and gasoline, a dynamic that has proven far more lucrative for companies with large refining operations than the upstream drilling side of the business alone. ## An awkward backdrop for the midterms The results land just days before the November 3 midterm elections, at a moment when President Trump has told supporters that U.S. energy companies are "making a freaking fortune," framing the windfall as evidence his energy policies are working. The comment marks a shift from August, when Trump said Chevron and Exxon "were making too much money" off what he described as a supply shortage. The contrast has not gone unnoticed by Democrats: Senator Bernie Sanders criticized the administration's posture toward the companies' profits as households continue to absorb elevated gas and diesel prices, calling it "beyond unacceptable" heading into an election where the cost of living remains one of the most potent issues for voters. --- Originally published by Principle Post. Free to cite with attribution and a link to https://principlepost.com/article/exxon-chevron-profits-trump-freaking-fortune-midterms.