CALGARY — US President Donald Trump turned his venom towards the energy sector on Monday, rebuking ExxonMobil and Chevron for “making too much money” after second-quarter earnings reports confirmed the Iran conflict has been one of the most lucrative periods in history for global oil and gas companies."Based on a shortage, they're making too much money," Trump told reporters in the Oval Office on Monday."I don't like it, and I should be the last one to say it because I'm a big free enterprise guy. Nobody bigger."On Friday, both Chevron and Exxon reported windfall profits for the second quarter.Chevron had its highest earnings on record, as its profits soared nearly 400% to $12 billion, up from $2.5 billion in the same period in 2025, while Exxon’s profits more than doubled to $14.5 billion compared to $7.1 billion during last year’s second quarter. Other companies such as Aramco, BP, and Shell also recently declared massive earnings.“Chevron, too much money. ExxonMobil, too much money,” Trump said.“They’re going to give some of that back to the public and they better cut the retail price, the consumer price.”.Trump says US will bomb bridges, power plants if Iran fires on ships; Oil prices rising.According to CNBC, the Iran conflict has pushed up US crude oil prices by roughly 20% since the start of hostilities on February 28, with oil futures averaging around US$92 per barrel from April to June.The president’s comments come as Canadian energy producers have recently reported billions in profits, like their US counterparts.Last week, Cenovus said its profits rose to $2.8 billion in the second quarter, a more than threefold increase, and that it had also upped its capital spending by just 3% as planned.Shareholders are now reaping the benefits, with $1 billion added to equity value through share buybacks and $400 million in dividends.While Cenovus is directing its windfall towards shareholders, other Canadian oil companies are capitalizing on the higher market prices by pursuing new oil production, a potential shift for the country’s oil sector, which has avoided major growth projects since the oil price collapse that began in 2014.“With higher commodity prices and cash flows, we are dedicating more capital for growth,” Tamarack Valley Energy President Steve Buytels told the Financial Post after his company reported $205.7 million in second-quarter profits — up 140% from the same period in 2025 — and raised its 2026 capital budget by nearly 10% to as much as $450 million.Athabasca Oil is another company that has boosted its capital spending on thermal oil projects by $65 million, bringing the total planned spending on those projects to $340 million, an investment the company hopes will help increase production by thousands of barrels per day by 2030.
