As Oil Profits Skyrocket, Calls for Windfall Taxes Rise

Governments must tax Big Oil's profits as UN tax treaty talks advance

As droughts and wildfires damage economies, 350.org called on governments to push for a global tax treaty that can make big oil and gas corporations pay for mounting climate costs.This week in New York, governments wrapped up negotiations for the UN Tax Convention with some governments strongly pushing for a global tax system aligned with the Paris Agreement and other environmental treaties, which can hold big polluters accountable for climate d…

For oil companies, high prices mean huge profits – not more drilling

Over the last two weeks, oil companies have announced eye-popping profits from the spring quarter. Exxon Mobil pulled in $14.5 billion. Chevron landed $12 billion, its highest quarterly profit on record. Shell posted $9.8 billion – more than twice its earnings from the same time last year. These profits are largely a product of supply constraints brought on by the war in the Middle East. With the Strait of Hormuz effectively blockaded, oil suppl…

As oil profits skyrocket, calls for windfall taxes rise

Oil companies are making massive profits and stockpiling cash, and holding off on changing their investment plans.

They’re making record profits, but oil companies still won’t ‘drill, baby, drill’

The oil industry is foregoing drilling and production growth in favor of tightened belts and bigger payouts to investors. (Getty Images illustration)This story was originally published by Grist. Over the last two weeks, oil companies have announced eye-popping profits from the spring quarter. Exxon Mobil pulled in $14.5 billion. Chevron landed $12 billion, its highest quarterly profit on record. Shell posted $9.8 billion — more than twice its ea…

They're making record profits, but oil companies still won't 'drill, baby, drill'

Over the last two weeks, oil companies have announced eye-popping profits from the spring quarter. Exxon Mobil pulled in $14.5 billion. Chevron landed $12 billion, its highest quarterly profit on record. Shell posted $9.8 billion — more than twice its earnings from the same time last year. These profits are largely a product of supply constraints brought on by the war in the Middle East. With the Strait of Hormuz effectively blockaded, oil suppl…

$48 billion profit! 5 global oil majors cash in on oil surge amid Iran war. Where is money flowing?

Five global oil majors — Exxon Mobil, Chevron, BP, Shell and TotalEnergies — posted a combined $48 billion profit in Q2, benefiting from oil prices surging above $100 a barrel amid US-Iran hostilities. Their combined cash generation hit a record $90 billion, surpassing levels seen after Russia’s 2022 invasion of Ukraine. The bumper profits also drew criticism from US President Donald Trump over high fuel prices.