Chevron, Shell, and Exxon Mobil reported record quarterly earnings driven by soaring crude prices following Middle East conflict that disrupted the Strait of Hormuz. The three companies generated an average of $404 million in daily profits over the last quarter, with Exxon earning $14.5 billion, Chevron $12.1 billion, and Shell $9.8 billion. European lawmakers and U.S. senators are calling for windfall taxes on these excess profits.

The war with Iran has effectively shut the Strait of Hormuz, blocking a crucial oil export route, while Ukraine's attacks on Russian refineries have worsened global fuel shortages. Despite operational disruptions in the Middle East, higher crude prices and refining margins offset losses. Executives like Exxon's Darren Woods oppose windfall taxes, calling them 'misguided policy' and noting they cancel European investments.

Chevron's Mike Wirth acknowledges the 'money train' won't last, as companies focus on debt reduction and long-term growth rather than short-term drilling projects, expecting the supply imbalance to be temporary.