US Oil and Gas Firms Earned Over $130bn in Profit During Iran War
US oil and gas companies earned more than $130bn in profit during the war on Iran, according to an estimate reported by Al Jazeera. The figure is based on the results of 51 large oil and gas companies from April through September. The same companies earned less than $47bn in the same six months of 2025.
The war began on February 28. The United States and Israel began bombing Iran in February 2026, according to Mother Jones.
Individual company results were also large. ExxonMobil and Chevron reported profits of between $10bn and $15bn. Valero Energy's third-quarter profit rose more than sixfold to $6.83bn. Phillips 66 reported its highest quarterly profit on record, with net income rising to $5.62bn from $133m a year earlier.
Reuters reported in October that oil majors were set to post a large jump in third-quarter 2026 profit, because the war had boosted their refining, the process of turning crude oil into fuel, and their trading results. Reuters later reported that the majors had reaped a $32bn windfall from the war.
On the consumer side, a Brown University Climate Solutions Lab analysis found that Americans had spent an extra $150bn on petrol and diesel since the war began, or more than $1,150 per household. A separate study reported by Reuters said US consumers had paid an average of $471 more for fuel since the war started on February 28.
Oil prices moved in the other direction in early November. Reuters reported that prices fell more than 4% as talks between Iranian and Qatari officials on a deal to end the US-Israeli war on Iran raised hopes.
US crude oil production, meanwhile, rose by 0.2 million barrels per day (10%) in the first half of 2026 compared with the first half of 2025, according to the US Energy Information Administration (EIA). The EIA said the United States is on track for record crude oil production in 2026, and it forecasts a further increase of 0.1 million barrels per day (3%) this year.
