US Oil Companies Report Record Profits Amid Rising Tensions with Iran

More than 50 major American companies in the oil and gas sectors recorded profits exceeding $130 billion from April to September 2026, benefiting from rising energy prices amid the conflict with Iran. This figure is based on an analysis of the companies' financial results and analysts' estimates, representing about three times the profits these companies earned during the same period in 2025. Meanwhile, American consumers spent an additional $147 billion on gasoline and diesel purchases since the start of US and Israeli strikes on Iran on February 28, averaging over $1,100 per household, according to an analysis by Brown University's Climate Solutions Lab. Refining companies benefited the most due to a decrease in available refineries globally and increased refining profit margins, alongside oil producers profiting from higher prices. ExxonMobil and Chevron posted their highest quarterly profits for the third quarter in years, while European companies also saw significant gains, with Shell earning $12.06 billion and TotalEnergies $8.26 billion during the same quarter. Despite these gains, American companies' profits remained below 2022 levels, when the average oil price exceeded $100 per barrel.