Nine Oil Giants Set to Bank Over $95bn in Quarterly Profit Again

By Grace Kim

Nine of the world's biggest listed oil producers are on track to book more than $95bn (£71bn) in profit for the third quarter, according to analysis by investment broker AJ Bell. That's the second consecutive quarter near the $100bn mark: the same nine companies made $96bn in the second quarter.

The surge traces back seven months, to the US-Israel war on Iran, which pushed global oil prices above $126 a barrel. Since then, refining divisions have cashed in on higher prices and filled a supply shortfall after the war disrupted shipments through the Strait of Hormuz.

Saudi Arabia's state-owned Aramco is expected to top the chart. Analysts anticipate the $1.7tn company will report a 7% rise in quarterly net income to $30bn — even though Iran-backed Houthi forces targeted it.

What did BP report?

London-listed BP published its July-to-September results last week: quarterly profit of $8.46bn, its biggest since 2008.

Aramco holds another distinction. According to the Carbon Majors database, its fossil fuel production has generated more carbon emissions than any company in history, with Chevron and ExxonMobil next, and Shell and BP both in the top 10.

The takeaway: two quarters, nearly $192bn in combined profit, and one war-driven price shock doing most of the work.

Why are campaigners angry?

The windfall has sparked calls for companies such as Aramco and BP to pay for environmental damage and fund the shift to renewable energy.

Mike Childs of Friends of the Earth said the big oil companies "are raking in enormous profits while millions of people struggle to afford their energy bills and the planet burns."

"Instead of investing in cheap, homegrown renewables that would drive down bills, strengthen energy security and create new jobs, the fossil fuel industry is fighting for permission to extract even more oil and gas," Childs said. "This would further lock us into a polluting energy system that is driving climate breakdown and exposing communities to extreme heat, flooding and storms."

He added: "We need an energy system that works for people, not one that rewards polluters and leaves the public footing the bill. Ministers must act now to decisively accelerate the transition to renewables, make our homes more energy efficient and end our reliance on volatile fossil fuel markets."

What's happening with Rosebank?

The money lands as UK Energy Secretary Miatta Fahnbulleh weighs whether to allow drilling at the Rosebank oilfield in the North Sea. She approved a licence for the less controversial Jackdaw gasfield in October.

Robin Wells, director of Fossil Free London, questioned why the UK government keeps subsidising an industry making billions each quarter.

"The oil lobby is pushing hard right now for more drilling, even adopting the tactics of grassroots campaigners by holding banners in Parliament Square," he said. "As they rake in billions they want billions more in tax breaks to develop Rosebank – an oilfield that won't lower our energy bills by a single penny, because the oil will be exported and sold for the profit of a select few shareholders."

The numbers sharpen the argument. Experts estimate Rosebank could emit 1m additional tonnes of carbon dioxide a year by 2042, against a projected overall UK target of 90m tonnes.

Approval would dismay climate campaigners and some Labour backbenchers, who see it as a step away from prioritising net zero.

How did the companies respond?

Shell and Saudi Aramco declined to comment. A BP spokesperson pointed to comments from chief executive Meg O'Neill at an industry event this year, in which she highlighted the company's role in responding to the global energy crisis and ensuring supply of diesel and jet fuel.

An Eni spokesperson said its profits reflect "an effective operational and financial management model that first of all enables the company to develop new hydrocarbon resources to meet global demand, which continues to structurally rely on oil and gas to ensure energy security and affordable energy for households and the industries." Eni added that it has expanded its energy transition business, including renewables.

Equinor, TotalEnergies, Chevron, ExxonMobil and ConocoPhillips were also contacted for comment.

The next test is Fahnbulleh's Rosebank decision — a single licence that will show whether record profits change the politics of North Sea drilling, or cement it.