In a covert strategy meeting during the 2024 election, Donald Trump, then vying for another term as President, convened with top executives from major oil companies at his Mar-a-Lago estate. Trump reportedly urged these industry leaders to funnel a staggering $1 billion into his campaign efforts. As detailed by Politico, the gathering included representatives from titans such as Exxon Mobil, Chevron, ConocoPhillips, Continental Resources, EQT, Cheniere Energy, and the American Petroleum Institute.

Despite Trump’s ambitious request, the oil industry did not visibly allocate the full $1 billion towards his campaign. According to The Guardian, the sector’s documented contributions during the 2024 election cycle amounted to $445 million.

Federal law prohibits direct corporate donations to political candidates, prompting companies to channel their contributions through Super PACs, which legally participate in U.S. elections. This loophole allowed significant funds from Big Oil to influence the 2024 elections. Data from OpenSecrets, an organization monitoring campaign financing, highlights how Koch Industries alone spent over $49 million. Chevron contributed over $10 million, while Occidental Petroleum and ConocoPhillips each allocated over $7 million and $6 million, respectively. Additional contributions came from Devon Energy, the American Petroleum Institute, and Valero, each spending upwards of $5 million. Most of these funds were aimed at supporting Republican candidates in Congressional races. In contrast, Exxon Mobil’s reported spending was a modest $80,000.

Continental Resources played a notable role, dedicating over $6 million to the election cycle, with half of that directly supporting Trump through the Make America Great Again Inc. PAC. The company’s CEO, Harold Hamm, personally added $2 million, with at least $1 million directed to the same PAC. Another significant figure was Kelcy Warren of Energy Transfer Partners, who contributed over $12 million, $5 million of which supported Trump’s campaign. The company itself invested an extra $1 million in the 2024 elections.

These documented figures might not fully capture the entirety of the industry’s political spending. It’s estimated that about $2 billion in “dark money” was spent during the election. This term refers to funds reported without revealing the actual donors, leaving the public in the dark about potential massive contributions from companies like Exxon. As such, it remains plausible that the oil sector might have met Trump’s initial $1 billion request behind closed doors.

Furthermore, the extent of contributions to Trump’s lavish $300 million White House ballroom remains partially undisclosed. However, Harold Hamm and NextEra Energy have been named among the project’s donors, hinting at further financial entanglements.

After candidate Trump was reelected, the oil industry gave an additional $19 million to fund Trump’s second inauguration in 2025.

What did the oil industry get in return for this campaign cash? Political scientists will spend years untangling this mystery. But at a glance there are lots of policy benefits flowing to the oil industry. In July 2025, President Trump issued an executive order trashing renewable energy sources like wind and solar. Trump’s “Big Beautiful Bill” which he signed into law scaled back tax incentives for renewable energy and it ended tax credits for electric vehicles (EVs). The BBB also contained $40 billion in new subsidies for the oil and gas industry.

But the biggest plum for the oil industry may be President Trump’s decision to arrest the President and First Lady of Venezuela. Venezuela has some of the richest oil reserves in the world. President Trump told reporters that he alerted oil companies about the strike to take out the head of Venezuela before it happened and that “They want to go in.” Only time will tell whether American oil companies who were so generous in supporting Trump and his party will reap more spoils from Venezuela on top of their domestic wins.

Ciara Torres-Spelliscy is the author of “Corporatocracy,” the broadcaster of Democracy & Destiny, and a professor of law at Stetson University.