US oil giants ExxonMobil and Chevron have openly defied ongoing pressure from the White House to increase oil production despite soaring prices and an escalating energy crisis sparked by the US-Israeli aggression against Iran.
The Financial Times reported on Friday that senior executives from both companies stood firm in their commitment to current strategies, even as the United States faces rising fuel costs linked to the war against Iran.
Neil Hansen, Exxon’s chief financial officer, said there has been “no change” in operations in the Permian Basin, emphasizing that the company is already operating at maximum capacity.
“There’s really no need for us to shift up because we’re already in high gear,” he said, underlining the unwavering commitment of the oil giant to their established practices.
Similarly, Chevron’s finance chief, Eimear Bonner, reinforced the company’s stance, arguing that the current crisis caused by geopolitical instability does not warrant a significant change in their plans.
“The crisis has not prompted any change to any of our plans,” she said, noting that the company’s focus remains on improving free cash flow rather than simply boosting production.
“You wouldn’t expect us to be changing our plans significantly on the back of eight weeks of disruption,” she added, referring to the ongoing turmoil affecting global oil supply.
Iran closed the strategic Strait of Hormuz to shipping associated with the US, Israel and their allies, days after the war began, sending energy prices soaring worldwide. The US later imposed a blockade of Iranian ports, further shaking the global markets.
Oil prices surged to approximately $126 per barrel, with US gasoline prices climbing above $4 a gallon.
In the first quarter of the year, Exxon reported a net income of $4.2 billion, representing a 46 percent decline compared to the previous year. This drop was primarily attributed to a $3.9 billion loss related to undelivered cargo hedges.
The company also acknowledged that the war against Iran is expected to decrease its global output by about six percent.
Meanwhile, Chevron reported a net income of $2.2 billion, a 37 percent decrease, although its overall production saw an increase due to acquisitions and heightened output in certain regions.
Despite the challenges, both companies have reported that their refineries are functioning at record levels, taking advantage of high prices for diesel and other refined products, even while they refuse to increase crude production.
In response to the mounting pressure from the Trump administration, senior officials have been engaging directly with industry leaders to advocate for an increase in drilling activities.
The government’s outreach aligns with President Donald Trump’s longstanding energy policy, characterized by the mantra “DRILL, BABY, DRILL.”
The pressure is escalating as ongoing inflation and rising gasoline prices threaten political consequences, intensifying the urgency for domestic production to alleviate costs for American consumers.
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The Most Revolutionary Act 
In my neck of the woods, gas has officially reached over $4.00 a gallon. In fact, I saw $4.09 a gallon. And I just read that oil company executives are raking in record profits. The losers in all of this are the average Americans. I would not be driving even if my life depended on it. Horse and buggy and shit scoopers are in order!!! Roll ’em out!!!
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The oil companies want the support of the general public but insist of showing us nothing but greed. Record profits and they still stick it to us. You’re losing the support of people that you need on your side. As much as I want less government involvement in my life,the government should be taking all profits off of oil companies and give it back to the people that paid for it in the first place. Greed is destroying Western civilization.
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