US Oil Companies Earn $130 Billion Amid Global Conflict

U.S. oil and gas companies earned more than $130 billion in profit between April and September 2026, nearly tripling earnings from the same period in 2025. This windfall followed military strikes by the United States and Israel against Iran starting February 28, as well as ongoing conflict between Russia and Ukraine. Profits surged due to higher gasoline and diesel prices and increased refining margins resulting from attacks on fuel-making plants in Russia, Saudi Arabia, and the closure of the Strait of Hormuz.

ExxonMobil Corporation and Chevron Corporation reported their highest third-quarter earnings in years, with both companies exceeding analyst expectations. For the first time in at least six years, ExxonMobil Corporation earned more from refining than from its upstream segment. Rather than increasing dividends or expanding production capacity, both companies used the surge to reduce debt. ExxonMobil Corporation reduced its debt by $8 billion, while Chevron Corporation cut net debt by nearly $14 billion compared to the end of 2025.

While corporations profited, an analysis by Brown University’s Climate Solutions Lab found that American consumers spent an additional $147 billion on fuel during the conflict. High prices became a political issue ahead of the U.S. midterm elections, though President Donald Trump decided in early October not to impose a previously considered diesel export ban.