Five energy companies to watch during the war with Iran — OilPrice
OilPrice singled out Chevron, ConocoPhillips, Cheniere Energy, Shell and Marathon Petroleum among energy companies whose performance, in the publication’s assessment, could be supported by high oil prices, fuel shortages and disruptions to liquefied natural gas supplies amid the war with Iran.
According to JPMorgan data cited by OilPrice, the conflict has disrupted supplies of around 10 million barrels of oil per day. The bank estimated Brent’s fair value in September at about $90 per barrel, while market prices stood at around $106. The publication also reported that Iranian attacks had disabled 17% of Qatar’s gas liquefaction capacity, and repairs to two damaged processing trains could take up to three years.
Oil production and LNG exports
Chevron, according to OilPrice’s assessment, has relatively limited direct production losses in the Middle East: disruptions in the divided zone between Saudi Arabia and Kuwait accounted for around 1% of the company’s total production in the second quarter. Chevron’s adjusted earnings for the period reached $12 billion, while production amounted to 4.07 million barrels of oil equivalent per day.
ConocoPhillips, by contrast, experienced a decline in production in Qatar, where it averaged around 82,000 barrels of oil equivalent per day in 2025, or 3.5% of the company’s total volume. At the same time, its average realized price in the second quarter rose 36% year-on-year to $62.33 per barrel of oil equivalent.
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Cheniere Energy may receive additional demand for U.S. LNG: QatarEnergy is negotiating multi-year contracts with Cheniere, Venture Global and Woodside to replace lost volumes. However, no deal with Cheniere has yet been announced. At the end of August, the company completed the Corpus Christi Stage 3 expansion, increasing its combined production capacity at Corpus Christi and Sabine Pass to approximately 56 million tonnes of LNG per year.
Refining and trading
Shell has a significant presence in Qatar, including a stake in LNG production and the Pearl gas-to-liquids plant. According to OilPrice, one of Pearl’s two processing units was damaged. Despite this, Shell’s adjusted earnings in the second quarter amounted to $9.8 billion, while its Chemicals and Products division earned $2.9 billion amid high refining margins.
Marathon Petroleum operates 13 oil refineries in the United States with a combined capacity of around 3 million barrels per day. Its refining and marketing margin in the second quarter rose to $36.33 per barrel from $17.58 a year earlier. OilPrice notes that on September 14, the U.S. diesel refining margin reached a record $118.62 per barrel, while distillate inventories fell to their lowest level for this time of year since 1982.
