ExxonMobil and Chevron reported record profits Friday, with Exxon citing nearly $20 billion in profit for their financial fourth-quarter report. The profit jump drew criticism from President Joe Biden.

In a Friday speech at the White House, Biden addressed the issue directly. "You should not be using your profits to buy back stock or for dividends," he said.

Exxon raised its dividends, claiming to "return excess cash" to its shareholders as a reward for poor returns in the past decade.

Chevron cited a profit of $11.2 billion for the quarter, their second-best on record after their third-quarter profit of $11.6 billion.

European oil companies Shell and TotalEnergies reported to the New York Times on Thursday that their profits from the third quarter more than doubled from what they were in the same quarter last year.

Biden took aim at these companies' practices on Thursday, when he gave a speech in New York about his administration's economic agenda. Biden said that oil companies are jacking up prices Americans pay at the gas pump to boost their profits and that gasoline would be, on average, 40 cents lower per gallon across the country if oil companies kept their original profit margins instead.

"Last quarter, the five largest oil companies made — in the last quarter — $70 billion in profit in 90 days," Biden said. "And they raised their dividends as well, so the profits are going back to their shareholders instead of going to the pump and lowering the prices."

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