Extract from an August 2026 article:
missile strikes from Iranian and Houthi forces. The company’s record oil sales meant that it was responsible for more carbon emissions than any company in history, according to the database Carbon Majors.
British oil major BP reported a second-quarter profit of $5.73 billion, almost double that of the same period last year and higher than forecasts predicted. BP saw its highest quarterly net profit since the third quarter of 2022, and second-quarter profits across all units surpassed expectations.
The fossil fuel lead at the international NGO Global Witness, Patrick Galey, stated, “BP’s sky-high profits are a scandalous reminder of who’s been cashing in on human misery this year. While wildfires threaten communities across the world, drought bites and energy costs spiral, ordinary families are paying the price for big oil’s prioritisation of shareholder wealth over a livable planet.” Galey added, “It’s time to make oil giants pay up to repair the climate breakdown they’re driving.”
Meanwhile, the U.S. oil major Chevron reported its highest quarterly profit in at least six years, surpassing analyst estimates. Chevron posted adjusted earnings of $12 billion, with $8.2 billion from upstream operations, marking a 200% increase compared to the previous year.
Chevron’s Chief Financial Officer, Eimear Bonner, said in an interview, “Amid all the geopolitical uncertainty and market volatility that’s still upon us, we continue to deliver the reliable energy that the world has needed.”
While oil company CEOs defend their record profits, many others are criticising the earnings that come at a time when consumers are facing rising inflation and other economic challenges. Even U.S. President Donald Trump critiqued oil firms for profiting from high oil prices, which came as a surprise to many due to Trump’s unwavering support for oil and gas.
On August 3, President Trump criticised the U.S. oil majors ExxonMobil and Chevron for making “too much money” on high crude prices. “They’re making too much money based on a shortage,” Trump told reporters at the White House. “I don’t like it, and I should be the last one to say because I’m a big free enterprise guy — nobody bigger.”
The record profits experienced by oil and gas companies in the wake of the Iran war have led to backlash from environmentalists, consumers, and political leaders, as governments worldwide float the possibility of introducing or increasing windfall taxes on higher-than-normal earnings.
By Felicity Bradstock for Oilprice.com
