Major American oil companies have earned over 130 billion dollars in profit by benefiting from the war against Iran. This figure has tripled compared to the same period in 2025. While the American people are facing a sharp increase in gasoline and diesel prices, the energy giants of the United States have reported significant financial results.
Analysis of Oil Companies' Performance
This estimate is based on the performance of over 50 major oil and gas companies in the United States during the six-month period from April to September. The total profit of these companies in the same period of 2025 did not even reach 47 billion dollars. At that time, oil prices were low, and companies were facing many challenges. Donald Trump's trade war had also added to the existing difficulties.
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Given the conditions of war and disruption in energy flow, the main question is who benefits from these circumstances and who pays the price. According to analysts, from February 28 (March 9) to last week, American citizens paid 147 billion dollars more for gasoline and diesel, which translates to an additional cost of over 1100 dollars per American household.
Boom in Refineries and Oil Producers
American refineries have performed well, and due to damage to fuel production facilities in the Middle East and Russia, the profit margins of these refineries have increased significantly. With many refineries out of operation, global demand for fuel has risen sharply. Additionally, American oil producers have also benefited from this situation, earning high revenues without facing the dangers of war zones.
The average price of American oil from April to September this year was about 90 dollars per barrel, while this figure was around 100 dollars in 2022. In this context, oil giants like ExxonMobil and Chevron have managed to record the highest quarterly profits in recent years for the third quarter, with Exxon’s profit in this quarter more than doubling and Chevron’s profit nearly tripling.
Exxon’s CFO, Neil Hansen, noted that the high fuel prices put a lot of pressure on families. However, the structure of this industry and the current conditions are such that it is not possible to quickly respond to these problems by injecting capital. Meanwhile, Chevron’s CFO, Imre Bonner, explained that the company’s liquidity is going to the balance sheet and is used as a backing in tough times.
On the other hand, major European companies have also made substantial profits from these conditions. Shell reported a net profit of 12 billion and 60 million dollars in the third quarter, more than doubling compared to last year. Additionally, TotalEnergies' profit in the same period reached 8 billion and 260 million dollars.
The financial community is generally awaiting financial reports from other companies in the coming weeks. These reviews indicate that oil companies are focusing more on debt repayment and accumulating liquidity rather than investing to increase production.
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