As the conflict between the Persian Gulf and Russia disrupted the energy market and pushed refining performance to record highs, major oil companies received windfall profits of over 50 billion US dollars. According to the data, the total adjusted net profit of ExxonMobil, Chevron, BP, Shell and Total Energy reached 56.3 billion US dollars in the latest quarter, exceeding analysts' expectations, and is the third-highest combined profit level on record. The refining sector of each company set record profits: ExxonMobil's refining business made a profit of 9.05 billion US dollars in the third quarter, and Chevron's refining business made a profit of 4.93 billion US dollars. Several major US oil giants resisted the temptation to spend more cash on share buybacks because the move could trigger a political backlash.

As the conflict between the Persian Gulf and Russia disrupted the energy market and pushed refining performance to record highs, major oil companies received windfall profits of over 50 billion US dollars. According to the data, the total adjusted net profit of ExxonMobil, Chevron, BP, Shell and Total Energy reached 56.3 billion US dollars in the latest quarter, exceeding analysts' expectations, and is the third-highest combined profit level on record. The refining sector of each company set record profits: ExxonMobil's refining business made a profit of 9.05 billion US dollars in the third quarter, and Chevron's refining business made a profit of 4.93 billion US dollars. Several major US oil giants resisted the temptation to spend more cash on share buybacks because the move could trigger a political backlash.