Eight Major Oil Producers Report $93 Billion in Quarterly Profit

Eight of the world’s largest listed oil producers reported nearly $93 billion in combined profit for the three months ending June 30, 2026, as conflict involving Iran drove crude prices sharply higher and disrupted global energy markets.

A Guardian analysis of company results found that Saudi Aramco, BP, Shell, Equinor, TotalEnergies, Eni, Chevron and ExxonMobil almost doubled their aggregate profit from just under $50 billion in the same quarter of 2025. Oil prices rose above $126 a barrel during the period following the US-Israeli war with Iran, according to the report.

Saudi Aramco recorded the largest profit in the group. The state-controlled producer reported quarterly net income above $33 billion, an increase of 34 percent from a year earlier, despite damage to infrastructure from Iranian and Houthi attacks.

BP reported underlying quarterly profit of $5.73 billion, more than twice the $2.5 billion it earned in the first three months of 2026 and its strongest result since the early period of Russia’s full-scale invasion of Ukraine. Chief executive Meg O’Neill said the company was focused on reliably supplying oil products that had become scarce.

Shell’s quarterly net income rose to $9.84 billion, its second-highest result for a quarter, even though damage linked to the conflict reduced gas production at its Qatar facility. Norway’s Equinor reported profit of $3.2 billion, compared with $1.8 billion in the corresponding period of 2025.

The two largest US producers also reported substantial gains. Chevron’s net income reached $12.2 billion, more than five times its year-earlier result, while ExxonMobil earned $14.5 billion, double the comparable 2025 figure and its highest quarterly profit since 2022.

The results have intensified debate over windfall taxation and the role of fossil-fuel producers in financing climate adaptation. Global Witness and Friends of the Earth called for oil companies to contribute more toward measures such as flood and fire protection and renewable-energy investment.

BP, meanwhile, has reduced its annual energy-transition budget from $5 billion to between $1.5 billion and $2 billion after revising its strategy in 2025. The company has separated or sold several renewable-energy operations and announced plans to sell its US biogas business.

The profit figures cover a period of severe heat, drought and wildfires in several regions. Scientists have consistently found that human-caused warming increases the likelihood and intensity of extreme heat, although the quarterly earnings themselves reflect a combination of commodity prices, production, costs and company-specific factors.