Nine companies could receive more than $95 billion in profit — The Guardian
Nine of the largest publicly traded oil companies could collectively receive more than $95 billion in profit for the third quarter of 2026. The increase in profits is linked to a surge in fossil fuel prices amid the war by the United States and Israel against Iran, The Guardian reports.
According to investment broker AJ Bell, nine major oil producers could earn more than $95 billion in the three months to the end of September. In the second quarter, the same companies received $96 billion in profit. Seven months earlier, oil prices had risen above $126 per barrel.
Saudi Aramco and BP profits
Analysts expect state-owned Saudi Aramco to report the largest quarterly profit. Its net income in the third quarter could rise by 7% to $30 billion. The company’s market value is estimated at $1.7 trillion.
BP has already published its financial results for July–September, reporting quarterly profit of $8.46 billion. This is the company’s highest figure since 2008.
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Calls for contributions to the energy transition
The publication notes that the industry’s profits were supported by the companies’ oil refining divisions. They benefited from higher prices and supply shortages after the war caused disruptions to shipping through the Strait of Hormuz.
Representatives of environmental organizations called on major oil corporations to compensate for environmental damage and contribute to the transition to renewable energy. Activists also criticize plans for further oil and gas extraction, warning of high energy bills for households.
Shell and Saudi Aramco declined to comment. BP referred to previous statements by chief executive Meg O’Neill about the company’s role in ensuring supplies of diesel and aviation fuel. Eni said its profits were the result of its operational and financial model, and also noted the expansion of its business in the energy transition sector, including renewable energy.
