Since the outbreak of the conflict in Iran, executives at several major U.S. oil and gas companies have sold hundreds of millions of dollars in company stock, according to an analysis by the environmental nonprofit Friends of the Earth. The research identified nearly $400 million in insider stock sales occurring in the months following the initial U.S. and Israeli military actions against Iran, a period marked by rising energy prices amid concerns over supply disruptions.

Among the companies with the largest insider sales were ConocoPhillips, whose executives reported sales totaling approximately $96 million. Cheniere Energy and Venture Global, both natural gas exporters, ranked second and third respectively for insider stock sales in the same timeframe. The analysis notes that for these three firms, stock sales during the months after the war began have already surpassed total insider sales recorded for all of 2025. Diamondback Energy also reported significant insider sales, but the research concluded these transactions were largely unrelated to the regional conflict.

The disclosed figures are drawn from Securities and Exchange Commission filings, which public companies are required to submit when executives, board members, or major shareholders engage in buying or selling company stock. While it is legal for executives to trade shares in their own companies, critics have raised concerns that soaring profits for fossil fuel firms are coming at the expense of consumers facing higher costs for fuel and electricity.

Lukas Shankar-Ross, deputy program director at Friends of the Earth and lead author of the analysis, criticized executives for capitalizing on the war-driven price increases. He argued that companies like Cheniere and Venture Global are "putting upward pressure on consumer costs for the entire country" while their executives accumulate significant personal wealth.

The timing of these stock sales has drawn particular attention. For example, ConocoPhillips CEO Ryan Lance sold shares worth nearly $80 million over two transactions in March, coinciding with a steady rise in the company's stock price. One notable sale of $15 million from his family trust occurred on March 31, with shares priced 43% higher than his last reported sale in December. The following day, the stock price dropped about 3%. Similarly, Cheniere Energy’s executive vice presidents Anatol Feygin and Sean Markowitz sold $11.7 million and $6.4 million worth of shares respectively in late March, just ahead of the company’s stock hitting new highs. ConocoPhillips declined to comment on the sales, while Cheniere Energy and Venture Global did not respond to requests for comment.

Academic perspectives suggest the sales align with typical market behavior. Sehwa Kim, an associate professor of accounting at Columbia Business School, noted that rising energy prices naturally lead to higher stock valuations, which can incentivize executives to cash out. However, Dr. Kim also pointed out that the surge in stock prices may be driven more by volatile geopolitical factors than long-term company strategy, potentially motivating insiders to sell before prices normalize.

In response to increased profits from energy companies amid the conflict, some Democratic lawmakers have proposed windfall profit taxes aimed at reclaiming a portion of these gains to fund renewable energy initiatives or provide consumer relief. While such measures would not directly restrict insider stock transactions, they could mitigate excessive stock price inflation and reduce the incentive for executives to sell shares during periods of geopolitical uncertainty. Windfall tax proposals remain controversial and currently lack support from Republican lawmakers.

Energy firms are expected to release second-quarter earnings data in the coming weeks, which will provide further insight into their financial performance following disruptions caused by the closure of the Strait of Hormuz, a key transit route for Middle Eastern oil and gas exports. Meanwhile, French company TotalEnergies has already reported its strongest quarterly results in nearly three years, reflecting broader trends of elevated energy prices during the conflict.