Six major global oil companies — Chevron, Shell, BP, ConocoPhillips, Exxon, and TotalEnergies — will be earning nearly $3,000 per second in 2026. This is stated in the report by the Oxfam association, which addresses poverty issues.
$94 billion among six
The study was presented on April 26, ahead of the first global conference on the transition from fossil fuels in Santa Marta, Colombia.
According to the association, a profit of $2,967 per second is projected by the companies themselves for 2026. This represents an increase of nearly $37 million per day compared to the profits they earned in 2025.
Their total projected profit from fossil fuels in 2026 will amount to $94 billion. This amount is enough to provide solar energy for nearly 50 million people in Africa, emphasizes Oxfam.
Profiting from War
The profits of oil and gas companies are rapidly increasing amid the ongoing conflict between the U.S. and Israel with Iran, notes CNN. This is facilitated by the blockade of the Strait of Hormuz, through which about 20% of global oil supplies previously passed. In March, global oil prices averaged over $100 per barrel, and on April 28, the price for the same volume rose above $111 for the first time since the beginning of the month.
"Fossil fuel corporations are profiting from geopolitical instability, as these upheavals lead to rising prices and increased revenues," said Mariana Paoli, head of climate policy at Oxfam International, to CNN.
Oxfam is an association of 17 organizations working in more than 90 countries worldwide. Their goal is to address issues of poverty and related injustice.
