High oil prices can be a mixed blessing - if the company's activities are weighted towards refining and they own little in the way of actual petroleum reserves, they can incur losses. If they own lots of reserves, they will get very rich. Citgo is an example of a company that will do very well, since they own VZ oil reserves and the refineries to turn it into gas, so they will make out like bandits, so will BP for the same reasons. Exxon, Chevron and Phillips are somewhere in the middle. Shell and Valero will be hurt. Right now US oil companies are really getting their profits from the scandalous rip-off job they are doing in the diesel markets. Diesel is the cheapest distillate to refine, yet is now the highest price. The reason this is so is because gasoline is refined in the US and VZ, pretty much meeting 100% market demand. Diesel is refined in the US, or some place far away, like Europe, so when the demand for diesel is higher than the amount that can be produced in the US, the refiners have a field day screwing the truck drivers, and to make matters worse, diesel is the most popular fuel in emerging economies, so international supplies are in short supply as well.
One I am looking at is Gazprom, the Russian oil conglomerate.
Hit YTD on the graph and you will see a hell of a spike for May.
Another is the Brazilian national oil company, rumors of possible big strikes of the coast of Brazil:
Now look at Exxon, hit YTD and see the trend. It is the opposite of the large reserve holders above.
I would sell it now.
Here is a hot tip that might make you rich someday:
Sasol, being the good little Afrikaner Nazis that they are, has improved the coal-to-fuel process used by the Germans during WWII to the point it is becoming economically viable. If oil goes way down, you will lose all your money. If it keeps going up, it could be the Microsoft the 2010's.
If only the Luftwaffe had had this, Botnst would actually be in charge of something:
Sasol - 100% Synthetic Fuel Wins First-Time Approval for Use Internationally in Commercial Aviation