US Oil Companies' Profits Surpass $130 Billion Amid Iran Conflict

US oil companies earned over $130 billion in profits during the first six months of the conflict in Iran, benefiting from rising prices of gasoline, diesel, and other fuels, while American consumers bore increased costs due to the impact of the conflict on global energy supplies. An analysis based on the performance of more than 50 major US oil and gas companies, mostly producers or refiners, revealed that their combined profits exceeded $130 billion from April through September. This figure, described as conservative, is nearly three times the profits these companies made during the same period in 2025, when profits were under $47 billion amid lower oil prices and the initial effects of the US trade war. The estimate excludes profits from March, the war's first month, and October. Americans have spent an additional $147 billion on gasoline and diesel since US and Israeli strikes on Iran began on February 28, equating to over $1,100 per American household. US refining companies saw significant gains, benefiting from a reduced number of refineries worldwide due to damage to fuel production facilities in the Middle East and Russia, which increased profit margins for operating refineries. US oil producers also earned higher revenues thanks to price increases, without bearing the risks or costs associated with operating in conflict zones. US crude oil exports are approaching record levels in April, as Asian buyers seek alternatives to Middle Eastern oil amid the Iran conflict. However, overall profits remain below 2022 levels, when Russia's invasion of Ukraine caused sharp increases in oil and gas prices. The average US oil price was around $90 per barrel from April to September, compared to about $100 per barrel during the same period in 2022. ExxonMobil and Chevron, the two largest US oil companies, reported their highest quarterly profits in years for the third quarter, supported by strong refining operations. Exxon's CFO noted that rising fuel prices pressure households and businesses but emphasized that current market conditions cannot be quickly changed through increased investments. Chevron's CFO stated that additional funds will strengthen the company's balance sheet, highlighting these assets as vital during challenging times. Dozens of other US oil companies are expected to announce their third-quarter financial results in the coming weeks. The analysis combined reported financial results and analyst estimates collected by a financial data company where results were not yet available. US oil companies involved in President Biden’s sector reform plan intend to continue boosting production this year despite rising costs. Part of the strong performance of US refiners is attributed to their reliance on oil delivered via pipelines, shielding them from sharp increases in shipping costs. These companies serve as a critical link between oil producers and consumers, converting crude oil into usable fuels like gasoline and diesel. Some companies integrate both production and refining, while others focus on one activity. Large European firms such as Shell and TotalEnergies also reported strong profits in the third quarter, partly driven by higher refining revenues.