Trump says oil supermajors are making too much money. What will they do with it?

The ExxonMobil and Chevron company logos are displayed on the floor of the New York Stock Exchange during morning trading on July 24, 2026 in New York City. Michael M. Santiago | Getty ImagesBig Oil enjoyed a blockbuster profit windfall in the second quarter. A key question now is whether the industry will use this cash bonanza to reward shareholders, strengthen balance sheets or invest for the future — all while trying to avoid a growing political backlash. The five supermajors, comprising Exxon Mobil, Chevron, BP, Shell and TotalEnergies, generated a whopping $48 billion profit in the April to June period, benefitting from higher fossil fuel prices amid hostilities between the U.S. and Iran. They also raked in nearly $90 billion in cash generation over the same period, reflecting an all-time high — higher even than in the wake of Russia's full-scale invasion of Ukraine in early 2022.The bumper earnings have drawn the ire of environmental campaigners, who have renewed calls for a windfall tax on the industry's excess profits, as well as U.S. President Donald Trump.The U.S. president lashed out last week at U.S. oil majors Exxon and Chevron for making "too much money" off higher fu...