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War and climate fuel $90 billion quarterly profit for 8 oil giants

From Liberty Times · () Chinese

Translated from Chinese, summarized and contextualized by DistantNews.

At a glance

News From a news agency Context piece
  • Eight major oil companies, including Saudi Aramco, collectively earned over $90 billion in a single quarter amid soaring energy prices due to war and climate-driven heatwaves.
  • Profits nearly doubled compared to the previous year, with companies like Saudi Aramco, ExxonMobil, and Shell reporting significant gains.
  • Environmental groups are demanding oil companies take responsibility for climate damage and fund renewable energy transitions, while UN officials call for an accelerated shift away from fossil fuels.

Global oil giants have raked in staggering profits, earning over $90 billion in a single quarter. This windfall, driven by soaring energy prices from the US-Israel war on Iran and climate-induced heatwaves, has drawn sharp criticism from environmental groups. They are demanding that these companies fund the transition to renewable energy and take responsibility for environmental damage.

Eight major oil companies, including Saudi Aramco, BP, Shell, Equinor, TotalEnergies, Eni, Chevron, and ExxonMobil, reported nearly $93 billion in net profit for the spring quarter ending in June. This is a near doubling from the $50 billion earned in the same period last year. Saudi Aramco led the pack with over $33 billion in profit, despite drone and missile attacks on its infrastructure. ExxonMobil and Chevron also saw substantial profits, prompting criticism from then-President Trump.

The oil companies should pay reasonable taxes to repair climate damage.

— Global Witness and Friends of the EarthEnvironmental organizations criticized the oil companies' profits and called for them to contribute to climate repair.

European oil firms also posted strong results. Shell achieved its second-highest quarterly profit at $9.84 billion, while BP reported $5.73 billion. Ironically, BP's new CEO, Meg O'Neill, defended the high profits while the company slashed its green energy transition budget and sold off renewable energy assets. This move, coupled with the sale of its North Sea oil and gas business, highlights a continued reliance on fossil fuels despite the growing climate crisis.

As oil companies profit, the world grapples with extreme weather events linked to fossil fuel emissions. Europe experienced a deadly heatwave, causing an estimated 20,000 deaths. Devastating droughts impacted agriculture, and widespread wildfires raged across several continents. Meanwhile, extreme rainfall led to severe flooding and landslides in Asia. UN officials are urging a rapid phase-out of fossil fuels and an expansion of renewable energy to protect vulnerable populations from climate disasters.

The world must accelerate the phase-out of fossil fuels, scale up renewables, and actively protect climate disaster victims.

— Simon StiellThe Executive Secretary of the UN Framework Convention on Climate Change urged global action to address the climate crisis.
DistantNews Editorial

Originally published by Liberty Times in Chinese. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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