Revealed: major oil firms make $93bn profits amid war and climate crisis:
Iran conflict windfall over three months reignites calls for companies ‘cashing in on ...
theguardian.com/business/ng-interactive/2026/aug/04/revealed-major-oil-firms-make-93bn-profits-amid-war-and-climate-crisis
Photo: theguardian.com · view article
Guardian analysis: Eight oil firms made nearly $93bnOil prices exceeded $126 a barrel in the quarter ending in June, the first full quarter after the US-Israeli war on Iran.
Key FactsAug 5, 2026 · Reading time: ~45 sec.
Summary created with AI assistance · Source: theguardian.com
Summary created with AI assistance · Source: theguardian.com
- The eight companies made nearly $93bn, compared with just under $50bn in the same period last year.
- The data indicates that Aramco, BP, Shell, Equinor, TotalEnergies, Eni, Chevron and ExxonMobil together earned more than $700,000 in profit every minute.
- Saudi Aramco reported more than $33bn in net income, up 34% from the previous quarter, even as Iranian and Houthi drone and missile strikes damaged its infrastructure.
- Climate campaigners called on oil and gas companies to pay for environmental damage and expand renewable energy, while BP chief executive Meg O’Neill defended the profits by citing production of scarce oil products.
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.— Patrick Galey, lead on fossil fuels at Global Witness, said
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generally refers to the spot price of a barrel of benchmark crude oil—a reference price for buyers and sellers of crude oil
organized and prolonged violent conflict between different nations, states, or different groups within a nation or state
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