Global oil companies report record profits amid Iran war

Major oil and gas companies are reporting massive windfall profits driven by the conflict involving Iran, which has surged global energy prices and refining margins. US oil and gas firms earned an estimated $130 billion between April and September, nearly triple their earnings from the same period the previous year.

Global energy importers faced significant financial strain, with fossil fuel importers spending approximately $330 billion more than pre-war expectations between March and August. The European Union accounted for $78 billion of these additional costs. In the United States, households spent an estimated $147 billion more on gasoline and diesel since the conflict began.

BP reported a record quarterly underlying profit of $8.46 billion, significantly exceeding analyst expectations. The company announced it would use surplus cash to accelerate the settlement of its remaining $5.94 billion in liabilities related to the 2010 Deepwater Horizon disaster. Other energy majors, including Shell, TotalEnergies, Chevron, and Exxon Mobil, also reported strong quarterly results. Despite these record earnings, many Western energy producers are maintaining conservative spending plans due to long-term market uncertainty.