Tangent
Phillips 66 shares fell 1.7% to $202.39 on Wednesday, its lowest point in three weeks. However, the company’s stock has risen 57% since the start of the year, when it traded around $130 per share.
Read more SpaceX Shares Plunge 13% As Elon Musk’s Fortune Sheds $80 Billion—Here’s What Analysts Are Saying
Key Background
Trump’s criticism of Exxon and Chevron comes as both companies have posted massive profits in their respective second quarters, with Chevron reporting $12 billion in quarterly net profit and Exxon reporting $14.5 billion—more than double what it posted in the same quarter last year. “They’re going to give some of that back to the public and they better cut the retail price, the consumer price,” Trump said. Gas prices in the U.S. jumped to a five-year high in May, and though the average cost for a gallon of gas has fallen to a little over $4, prices are still at levels last recorded before this year in 2022, according to GasBuddy. Phillips 66 has joined in the profits. The company reported $3.8 billion in net income in its latest quarter, an $887 million increase from the same period last year. The benchmark is also the highest quarterly profit Phillips 66 has posted since 2022, when Russia’s invasion of Ukraine sent gas prices soaring.
Read more Fauci Faces Contempt Vote Tomorrow—Here’s What To Expect