US oil companies earned more than $130 billion amid the war with Iran
American oil and gas companies earned more than $130 billion in profits during the six months of the war with Iran. This is almost three times more than in the same period last year. The sharp increase in industry revenues occurred against the backdrop of rising oil and fuel prices caused by disruptions in energy supplies.
On October 30, The New York Times reported this, having analyzed the financial results of more than 50 major US oil and gas companies.
According to the publication's calculations, from April to September 2026, the total profit of these enterprises exceeded $130 billion. In the same six months of 2025, they earned less than $47 billion. Thus, the figure increased almost threefold.
However, the estimate remains preliminary and does not take into account profits for March and October. For companies that have not yet published quarterly reports, analyst forecasts were used. Therefore, the industry's final financial result may be higher.
Some of the main beneficiaries were American oil refineries. Military actions in the Middle East and strikes on Russian oil refineries led to a reduction in global fuel production capacity. As a result, gasoline and diesel prices rose faster than crude oil prices, increasing refining profitability.
ExxonMobil showed particularly notable growth. According to the company's financial report, in the third quarter its net profit reached $15.4 billion, compared to about $7.5 billion a year earlier.
ExxonMobil's adjusted profit amounted to $17.5 billion. At the same time, the petroleum products division earned $9.05 billion in adjusted profit, exceeding the result of the company's oil and gas production business.
Chevron also significantly increased its revenues. In the third quarter, the company received $9.9 billion in net profit, compared to $3.54 billion for the same period in 2025. Adjusted profit reached $10.4 billion.
According to Chevron's reports, its American refineries operated at 98% capacity, and the volume of oil refining in the US reached a record level.
Specialized refining companies were also among the largest recipients of additional profits. Valero Energy earned about $6.8 billion in the third quarter, up from $1.1 billion a year earlier. Phillips 66 received about $5.6 billion in profit.
Meanwhile, American consumers faced a sharp increase in fuel costs. According to estimates from the Climate Solutions Lab research laboratory at Brown University, since the American and Israeli strikes on Iran began on February 28, additional spending on gasoline and diesel in the US reached about $147 billion.
On a per US household basis, this amounts to more than $1,100. Researchers compare actual prices with the estimated cost of fuel in a no-war scenario, so this is an estimate of additional expenses, not direct payments by each family.
By the end of October, the average cost of gasoline in the US was about $4.20 per gallon, up from $2.98 at the start of the war. Diesel rose even more sharply — by approximately 72%, to $6.32 per gallon.
Despite the sharp increase in revenues, oil companies are not rushing to significantly expand production capacity. ExxonMobil and Chevron are directing a significant portion of the additional funds to reduce debt, strengthen their financial position, and pay shareholders.
At the same time, as The New York Times notes, the profits of most American oil and gas producing companies still fall short of the figures from 2022, when global energy prices soared after Russia's full-scale invasion of Ukraine.
From April to September 2026, American oil averaged about $90 per barrel, compared to about $100 for the same period in 2022. However, the shortage of refining capacity allowed producers of finished fuels to earn especially high profits even at relatively lower raw material prices.
