Global Fossil Fuel Giants Projected to Rake in $94 Billion in 2026 Profits Amid Middle East Conflict

Six of the world’s largest fossil fuel companies — Chevron, BP, Shell, ExxonMobil, ConocoPhillips, and TotalEnergies — are projected to accumulate a staggering combined total of $94 billion in profits in 2026.According to a new analysis by the non-profit Oxfam International, this equates to these corporations making nearly $3,000 per second. This financial windfall represents a massive increase of $37 million a day compared to their 2025 earnings, largely driven by the surge in oil prices after Iran closed the Strait of Hormuz.“Currently, families around the world continue to be pushed into energy poverty as geopolitical instability, the impacts of escalating violence in the Middle East that has already taken many lives, and the sharp increase in the wealth of the super-rich in contrast to everyone else is leaving ordinary people struggling to make ends meet,” Oxfam said in a statement.The financial boom is heavily visible in the earnings of British oil and gas giant BP, which has recorded more than a doubling of its profits due to high prices stemming from the Iran war. BP’s results for the first three months of its financial year show its underlying profits hit $3.2 billion. This exceeded the $2.7 billion analysts had expected and dwarfed the $1.4 billion profit from a year earlier. BP was explicit about the contribution of higher oil prices, saying the profit “reflects exceptional oil trading.” While the company’s share price rose 2.5 percent, it noted that production volumes and fuel margins “remain sensitive to conditions and developments in the Middle East.” Furthermore, BP’s effective tax rate on profits dropped to 43 percent, compared to 69 percent for the same period in 2025. The British Energy Secretary, Ed Miliband, criticized the disparity, saying, “Profiting from a crisis is morally and economically wrong.” He advocated for “taxing these windfall profits to help fund support with the cost of living.”Other major players are also seeing massive gains. Shell recorded a first-quarter profit of $9.6 billion, while Chevron (up 40 percent), ConocoPhillips (up 42 percent), and TotalEnergies (up 41 percent) all reported robust, expectation-beating returns as Americans and citizens worldwide continue to struggle at the gas pump. ExxonMobil will release its Q1 numbers on Friday.“Fossil fuel corporations and the super-rich that profit from them are entrenching inequality and turning their backs on the people most impacted by the fossil fuel-driven climate crisis,” Oxfam said.

Global Fossil Fuel Giants Projected to Rake in $94 Billion in 2026 Profits Amid Middle East Conflict

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