US oil and gas executives cash out nearly $400 million amid Iran war-driven energy stock rally

According to a New York Times report, since the outbreak of the Iran war triggered energy supply tensions and pushed up oil and gas prices, executives at several major U.S. oil and gas companies have pocketed hundreds of millions of dollars by selling their company stocks. Environmental group Friends of the Earth analyzed U.S. Securities and Exchange Commission (SEC) filings and found that insiders at U.S. fossil fuel companies have sold nearly $400 million worth of stocks since the start of the conflict. Among them, ConocoPhillips executives led the sell-off with around $96 million in stock sales, followed by executives at natural gas exporters Cheniere Energy and Venture Global. The report noted that the recent stock sales by executives at all three firms have exceeded their full-year 2025 totals. Specifically, ConocoPhillips CEO Ryan Lance sold stocks in two transactions in March this year, totaling nearly $80 million; Cheniere Energy executives also offloaded shares around the time the company’s stock hit a recent high. Analysts pointed out that the surge in oil and gas companies’ stock prices is directly tied to the skyrocketing energy prices, and executives cashing out at high stock prices aligns with market incentive logic. However, critics argue that part of the companies’ profit growth stems from rising energy costs driven by the geopolitical conflict, with the related gains ultimately borne by consumers, hence calling for a "windfall tax" on energy companies. To date, the proposal to impose a windfall tax on the U.S. energy sector has not received support from the Republican Party.