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Major oil firms made $93bn profits amid war and climate crisis

financeAug 4, 202633427

Eight major oil companies, Saudi Aramco, BP, Shell, Equinor, TotalEnergies, Eni, Chevron and ExxonMobil, reported almost $93 billion in combined profits in the three months to the end of June, the Guardian found. The spring quarter was the first full financial period after the US‑Israeli war on Iran sent global oil prices above $126 a barrel, helping nearly double the eight firms’ combined profits from just under $50 billion in the same period last year. The analysis found the companies earned more than $700,000 of profit every minute over the quarter while their market valuations rose by about $600 billion to above $3 trillion. Saudi Aramco led the gains, reporting a 34 percent rise in quarterly net income to more than $33 billion even as its infrastructure suffered drone and missile strikes. BP posted $5.73 billion in April to June profits, its highest since early in Russia’s full‑scale war on Ukraine and more than double the prior quarter. The report cites scientific analysis linking major fossil fuel firms’ emissions to deadly heatwaves and quotes Patrick Galey of Global Witness calling BP’s profits “a scandalous reminder of who’s been cashing in on human misery this year.” The windfall has reignited campaigners’ calls for oil and gas supermajors to pay for environmental damage and fund a rapid transition to renewable energy.

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