Beneficiaries of the climate crisis: The six largest oil companies double their profits in the second quarter of 2026

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Whilst heatwaves in Europe, North America and South Asia are claiming the lives of tens of thousands of people, the largest oil and gas companies expect their profits to double between the first and second quarters of 2026. Calculations also show that their historical emissions have significantly fuelled the frequency and severity of heatwaves this century. Fair taxation of fossil fuel companies’ profits could raise up to US$400 billion, which could be used to fund urgently needed adaptations to the climate crisis.

The six largest fossil fuel companies – BP, Chevron, Eni, ExxonMobil, Shell and TotalEnergies – are expected to almost double their net profit in the second quarter of 2026 compared with the first: from US$23 billion to US$45 billion, Oxfam criticises these profits derived from the climate crisis in a report.

Chevron is expected to have quadrupled its profits to US$1,200 per second between April and June. ExxonMobil’s profits are projected to have tripled during this period to US$1,800 per second. The projected total profits of the six oil and gas companies in 2026 amount to US$147 billion, which is more than the profits made over the preceding 21 months (from April 2024 to December 2025).

Make climate killers pay

Oil and gas companies bear a disproportionate responsibility for the climate crisis. A new Oxfam analysis concludes that the historical emissions of BP, Chevron, ExxonMobil, Shell and TotalEnergies were sufficient to cause one in four heatwaves between 2000 and 2023. Last year alone, the major oil companies were responsible for environmental damage estimated at 60 billion US dollars. The outlook is not promising: the six largest fossil fuel companies plan to increase their oil and gas production by 14 per cent by 2030 compared with 2024 levels, which would equate to an additional output of 2.5 million barrels of oil per day.

“Fossil fuel companies are making billions in profits, whilst people around the world are paying the price: soaring energy prices and rising living costs are putting a strain on many households, and extreme weather events such as the recent heatwaves are claiming thousands of lives,” says Manuel Schmitt, social inequality campaigner at Oxfam.

“It is clear: governments must finally make fossil fuel companies pay up in order to finance the necessary transition to an economy geared towards the common good within planetary boundaries. Economically disadvantaged countries and poorer sections of the population, in particular, must be given adequate support in tackling the climate crisis.”

Oxfam estimates that a fair tax on the profits of 585 fossil fuel companies could raise up to 400 billion US dollars worldwide in the first year, which could cover the annual costs of climate adaptation in the Global South. With the revenue from such a tax, the German government could also honour its commitment to provide six billion euros annually to support poorer countries. At present, the government is at risk of breaking its promise due to cuts in the federal budget.

A few months ago, the governments of Germany, Italy, Spain, Portugal and Austria called on the European Commission to examine the possibility of a Europe-wide tax on excess profits. The European Commission has so far rejected this and referred the matter to the Member States.

The German government must both step up its efforts to find an EU-wide solution and press ahead with the introduction of an excess profits tax in Germany. The revenue should be used specifically to strengthen socially just climate protection and the energy transition in Germany and worldwide, rather than cutting back on relevant support programmes.