US Oil Companies Are Coming Out as Victors of the Iran War. They Have Made Over $130 Billion Since.

American oil companies have earned more than $130 billion in profits during six months of the Iran war, nearly three times what they made a year earlier, as disruptions to global energy supplies drive up fuel prices for consumers and businesses.

The estimated profits cover more than 50 major U.S. oil and gas companies between April and September, according to an analysis by The New York Times, which used financial data from S&P Global Market Intelligence and analyst estimates compiled by FactSet.

The same companies earned less than $47 billion during the corresponding period in 2025. This year's total remains an estimate because several companies have yet to report their third-quarter results. It also excludes March, when the war began, and October.

The increase comes at a substantial cost to American motorists. An analysis by Brown University's Climate Solutions Lab estimates that higher gasoline and diesel prices have cost Americans roughly $147 billion since U.S. and Israeli strikes against Iran began on Feb. 28.

That works out to more than $1,100 per U.S. household, although the research measures the additional fuel costs across the economy rather than the amount paid directly by each family.

The biggest American oil companies have been among the beneficiaries of higher energy prices, particularly as damage to refineries in the Middle East and Russia has restricted global fuel supplies.

ExxonMobil reported third-quarter earnings of $15.4 billion Friday, more than double its profit from a year earlier. Adjusted earnings reached $17.5 billion, or $4.23 per share, while operating cash flow totaled $25.7 billion.

The company recorded particularly strong results in its refining operations, which turn crude oil into products such as gasoline, diesel and jet fuel.

Exxon earned about $7.2 billion from its energy products business during the quarter, exceeding the approximately $7.1 billion generated by its oil and gas production operations.

Its U.S. refining business alone contributed nearly $4.8 billion in earnings, benefiting from higher refining margins and strong production volumes.

Chevron's third-quarter results showed a similar improvement. The company earned $9.9 billion, up from $3.5 billion a year earlier, while adjusted earnings reached $10.4 billion.

Chevron's downstream business, which includes refining and fuel marketing, generated $4.9 billion in earnings, compared with $1.1 billion in the third quarter of 2025.

Its U.S. refineries operated at 98% crude utilization, with the company reporting record domestic crude throughput.

Refiners have benefited because the prices of finished fuels have risen faster than the cost of the crude oil used to make them.

Those differences, known as refining margins, determine how much money companies can make by processing oil into gasoline, diesel and other products before accounting for operating expenses.

The New York Times analysis, using data from Argus Media, found that average U.S. refining margins reached approximately $62 per barrel in October, compared with levels below $20 during parts of last year.

U.S. refiners have also been relatively insulated from the sharp increase in international shipping costs because many receive crude oil through domestic pipelines.

The improvement is visible at companies that specialize in refining rather than producing crude oil. Valero Energy reported third-quarter net income of $6.8 billion, compared with $1.1 billion a year earlier, an increase of more than sixfold.

The company also reported $9.8 billion in cash and cash equivalents at the end of September and said it had repaid more than $500 million in maturing debt during the quarter.

Despite the additional cash generated by higher fuel prices, oil companies have generally avoided making major changes to their production or refining investment plans.

Valero Chief Financial Officer Homer Bhullar told analysts last week that the company did not intend to change its investment approach simply because it had accumulated more cash.

Exxon and Chevron are also strengthening their financial positions. Exxon returned $9.4 billion to shareholders during the third quarter through dividends and share repurchases, while Chevron's cash holdings rose to $12.8 billion at the end of September from $6.3 billion at the end of 2025.

The earnings surge has extended beyond U.S. companies. Shell reported third-quarter net income of $12.1 billion, more than double the $5.3 billion earned a year earlier. The company also announced a $5 billion share buyback program, supported by stronger refining margins and improved operating performance.

Despite the industry's recent gains, oil company profits have not uniformly surpassed the levels reached during the 2022 energy crisis following Russia's invasion of Ukraine.

U.S. crude prices averaged approximately $90 per barrel between April and September this year, compared with roughly $100 over the corresponding period in 2022.