US Oil Giants Nearly Triple Profits to Over $130 Billion in Iran War, NYT Reports

More than 50 large American oil and gas companies earned over $130 billion in profit during six months of the Iran war, almost three times what they made in the same period of 2025, according to a New York Times analysis published October 30.

The Times called the figure a conservative estimate. It covers April through September and leaves out March, the first month of the war, and October. The same companies earned less than $47 billion a year earlier, when oil was cheaper and the industry was dealing with the early fallout of President Donald Trump’s trade war.

Refiners Lead the Windfall

Most of the companies in the analysis are producers or refiners. The totals for the third quarter combine reported results with analyst estimates from FactSet for companies that have not yet reported, so the number is an estimate. The review did not include pipeline companies or oilfield service providers, whose results have been less directly affected by the oil shock.

Refiners have done especially well. Fuel-making plants have been badly damaged by fighting in the Middle East and Russia, which has left fewer refineries to meet global demand and pushed margins sharply higher for those still running. Clash Report has reported on Ukrainian drone strikes on a major Russian oil refinery. U.S. refiners are also shielded from some of the cost of shipping disruption because much of their crude arrives by pipeline.

Producers have gained too. Most are earning more from higher prices without the danger or expense of operating in a conflict zone. Their profits generally remain below 2022 levels, however. U.S. crude averaged about $90 a barrel from April through September, against roughly $100 in the same months of 2022, after Russia’s invasion of Ukraine.

Exxon, Chevron and Valero Post Big Gains

Exxon Mobil reported third-quarter earnings of $15.4 billion, or $3.72 a share, on Friday. Adjusted earnings were $17.5 billion, and its refining business earned an adjusted $9.05 billion. Chevron earned $9.9 billion, up from $3.5 billion a year earlier. Its refining division earned $4.9 billion, against $1.1 billion. The Times said Exxon’s profit more than doubled and Chevron’s almost tripled.

Valero, which reported on October 22, earned $6.8 billion, up from $1.1 billion a year ago, more than a sixfold increase. Shell’s third-quarter profit of $12.06 billion more than doubled, and TotalEnergies’ more than doubled to $8.26 billion, according to the Times.

Cash Goes to Balance Sheets, Not New Capacity

Many companies are following a similar playbook of paying down debt and holding cash, rather than drilling beyond earlier plans or expanding refining capacity. “We’re not going to change our approach to capital investments just because we have a lot of cash,” Valero chief financial officer Homer Bhullar told analysts last week.

Exxon chief financial officer Neil Hansen told the Times that higher fuel prices put pressure on families and businesses, but that “you can’t invest your way out of these conditions overnight.” He said the decisions that matter today “were made years ago.” Exxon paid $9.4 billion to shareholders in the quarter and announced $20 billion in share repurchases for 2027. Chevron’s chief financial officer, Eimear Bonner, said “the cash is going on the balance sheet.” Chevron has also said its Venezuelan joint ventures plan to invest $7 billion over the next five years.

Drivers Pay the Bill

Americans spent an extra $147 billion on gasoline and diesel from the start of the war on February 28 through this week, according to an analysis by Brown University’s Climate Solutions Lab, which the Times cited. That is more than $1,100 per household. Clash Report also reported that German Chancellor Friedrich Merz says the war has cost Europe over $100 billion in higher energy prices.

The Strait of Hormuz remains central to the price pressure. Clash Report has also reported that a Western official called the U.S. protection effort there “completely unsustainable”.