On the vast plain of North Texas, John Bozeman (72) suddenly stops with his pickup truck next to one of his yes-men. “This will be gone next week,” says the oil entrepreneur. The disused installation is given a second life at another well. Bozeman wants to increase production there, because the oil price is now so high as a result of the war in Iran.
The decision was made quickly for Bozeman, as director of the small JCB Companies (with four permanent employees) that drills for oil. “It will cost us about $100,000,” he says, to move the yes-man. It’s a matter of hiring some people, unscrewing everything and rebuilding it later. But after that, that well produces about 5 to 10 barrels per day – more than before. “With an oil price of 100 dollars, this is recouped quite quickly.” He laughs a barely noticeable laugh.
If there is one group that is benefiting from the sharply increased oil price, it is the (Western) oil companies, as has become apparent in recent days. Last week, Shell recorded a quarterly profit of 6.9 billion dollars, compared to 3.2 billion in the last three months of 2025. BP also reported its best quarterly figures in three years at the end of April. The fact that installations in the Middle East are sometimes damaged, as is the case with Shell, does not outweigh the much higher price for oil that the company can extract elsewhere. On Monday, after President Trump called the Iranian peace proposal “completely unacceptable,” oil prices skyrocketed again.
American oil companies such as Chevron and ExxonMobil can also, according to one estimate from investment bank Jefferies from earlier this year count on billions in additional income. This was not yet noticeable in their quarterly figures at the beginning of May (both recorded lower profits), but this was mainly due to accounting interventions. The impact on the American fossil energy sector is undeniable: at the beginning of May, the US exported for the first time since World War II more crude oil than the country imported.
The figures reflect how a sector that President Donald Trump is a big fan of is benefiting greatly from his war in Iran. Bozeman also notices this, who runs a company from a small office in his native village of Perryton in the oil state of Texas that does on a much smaller scale what the big boys do: drilling for oil and gas in just over a hundred wells.
Immediately after the American-Israeli attack on Iran NRC telephone contact with Bozeman. At the time, he was still skeptical about the extent to which he would benefit: how long would the price really remain high? He did not consider investing in expanding production to benefit from higher prices. But at the beginning of May his tone is different, as becomes apparent during a tour past softly buzzing yes-men and pipes smelling of petroleum.
Drill more wells?
“I’ve had it worse,” says Bozeman dryly: financially things are going fantastic. The oil world is notorious boom and bustand this is now one tree which earns a lot of money. “The West Texas Crude [een regionale olieprijs] is $59. That’s beautiful.”
But, he immediately adds: “We also produce a lot of gas, and the price is terrible at the moment.” Bozeman opens an app on his phone with commodity prices and starts complaining about the gas price.
Ultimately, he thinks, it will cancel each other out: he expects a typical annual turnover of about $15 million. But he is now seriously taking increased oil prices into account in his business operations. Bozeman is trying to increase production from existing wells through investments – mainly by using yes-men. This has become much more profitable due to the closure of the Strait of Hormuz. “I think that happens worldwide.”
John Bozeman is profiting greatly from the war in the Middle East.
Photo Milo van Bokkum
He still has doubts about one issue: is it worth drilling new wells? On his tour of the Perryton area, Bozeman stops at a meadow. He strongly suspects that there is a good supply there, hundreds of meters deep, because wells in the area are doing well. He would like to, he says. “But drilling will cost us $6 million.” To do this, he must be sure that the price will be above $80 per barrel for a while.
This question also concerns the Shells and Chevrons of this world. Their answer for now is a clear ‘no’. “We are not adjusting our plans,” Chevron Chief Financial Officer Eimear Bonner said earlier this month. Similar expectations emerged from a recent research among individuals in the U.S. energy sector by the Dallas Federal Reserve.
Switch to sustainable
Bozeman understands that all too well. “We just don’t have enough certainty at the moment.” There is no shortage of enthusiasm among investors, he notes. “I get calls from people we have worked with before. Everyone is very interested at the moment.” Investing in drilling is tax deductible, Bozeman says. “But we are also paying about 1.5 million for a new well. We first really need to know what the future looks like.”
If it were up to some governments, the answer to that question would be: more sustainable energy, to become less dependent on fossil energy. Isn’t Bozeman afraid that this oil shock will lead to just that? There are quite a few windmills visible in the distance around Perryton. “That will certainly happen to some extent,” he says. But he doesn’t lose sleep over it, it doesn’t go that fast, he thinks.
Bozeman’s biggest concern is another: he fears that the war will ultimately not be good for the American economy. An increased oil price is nice, but has a downside. “I am surprised that the economy is doing so well at the moment. It will not surprise me if there is a serious recession. And that will not be good for my company either.”
