Big Oil's top five companies—ExxonMobil, Chevron, BP, Shell, and TotalEnergies—earned a record $48 billion in profits and nearly $90 billion in cash in Q2 2026, driven by high fossil fuel prices linked to U.S.-Iran tensions. Despite this windfall, they have not significantly increased spending on new projects or shareholder returns, instead focusing on debt reduction and cash reserves. This has prompted political backlash, including from former President Trump and environmental groups demanding windfall taxes. The industry warns such taxes could reduce long-term investment needed for energy security, while companies emphasize operational efficiency amid market volatility.
ExxonMobil reported robust Q2 2026 results with $114.5 billion in revenue and $14.5 billion net profit, reflecting strong cash flow and operational resilience. Despite these solid financials, the stock price remained flat as investors remain cautious...
Phillips 66 announced it is now the world's third-largest buyer of Venezuelan crude oil, expanding its fleet and benefiting from Jones Act waivers issued by the Trump administration. This move is part of a strategy to secure discounted heavy crude gr...
