U.S. oil and gas companies earned over $130 billion between April and September, against less than $47 billion a year earlier, as the war in Iran disrupted Middle Eastern supplies. Some companies, particularly U.S. refiners, are seeing higher profits than others, while American consumers paid billions more for fuel.
A New York Times analysis suggests, conservatively, that U.S. oil firms earned over $130 billion in profit this year, owing to higher fuel prices and increased demand for certain products. The assessment covers more than 50 major U.S. oil and gas companies, mainly producers and refiners, between April and September. By contrast, the same companies earned less than $47 billion in the same period last year.
Hormuz restrictions push buyers to new suppliers
The Strait of Hormuz has faced severe, ongoing restrictions since late February 2026, after attacks on Iran by the United States and Israel led Tehran to limit movement through the waterway. Before the restrictions, the strait carried around one-fifth of the world's oil and liquefied natural gas.
As a result, many countries have turned to alternative suppliers, and U.S. oil majors have helped fill the gap. Exxon Mobil and Chevron were among the firms profiting most: Exxon's third-quarter profit more than doubled, while Chevron's nearly tripled.
Refiners and pipelines shelter U.S. firms
Some companies are seeing higher profits than others, particularly those in the U.S. refining industry. Several Middle Eastern and Russian refining facilities have been damaged in recent years, which lets U.S. companies step in. U.S. firms are also largely sheltered from high shipping costs, because much of the oil they process moves by pipeline.
Geoffrey Miller, a geopolitical analyst, said the war gave U.S.-based operators an advantage in turning higher prices into profit. Gulf producers, he said, face higher costs and risks and physical damage, which makes benefiting from higher prices much more difficult.
Consumers and European majors
Estimates suggest that U.S. consumers have spent an additional $147 billion on gasoline and diesel since the war began, or over $1,100 per household. European companies also gained: Shell reported $12.06 billion in third-quarter earnings, roughly double the same period last year.
Profits so far this year remain below those of 2022. Oil prices averaged $100 a barrel in 2022, compared with around $90 a barrel between April and September this year.
Source: Oilprice.com
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