US Oil Giants Report Record Profits Amid Iran Conflict

U.S. oil and gas companies earned over $130 billion in profit between April and September 2026, nearly tripling earnings from the previous year. This surge follows military strikes by the United States and Israel against Iran starting February 28, as well as ongoing conflict between Russia and Ukraine. These hostilities, including the closure of the Strait of Hormuz and Ukrainian bombing of Russian refineries, sidelined approximately 10% of global fuel-making capacity.

ExxonMobil Corporation reported third-quarter revenue of $113.16 billion and adjusted earnings of $4.23 per share, with its refining division alone earning a record $9.05 billion. The company announced a $20 billion annual stock buyback plan and raised its quarterly dividend to $1.07. Chevron Corporation reported third-quarter earnings of $9.9 billion on revenue of $67.8 billion, with refinery profits reaching a record $4.93 billion. Chevron also announced a $7 billion investment in Venezuela over five years.

While President Donald Trump celebrated the windfalls, stating the U.S. is making a "freaking fortune," the profits have become a political flashpoint ahead of midterm elections. American consumers spent an additional $147 billion on fuel during the conflict, with gasoline prices rising 40% since February. Greenpeace International criticized the gains as "fossilflation," arguing that corporations are cashing in on crises while households suffer. In response to inflation, the Trump administration utilized Defense Production Act funding and negotiated diesel supplies with Vladimir Putin, though prices have not meaningfully declined.