A new analysis by T&E reveals that eight major oil companies—BP, Shell, Eni, Orlen, Repsol, OMV, TotalEnergies, and Moeve—accumulated €7.5 billion in excess profits across the European Union during the first half of 2026. Six of these firms more than doubled their EU earnings in the second quarter compared to the prior year, driven largely by geopolitical volatility in the Middle East and associated oil price movements.
The organization’s analysis allocated group-level profits to the EU27 based on companies’ country-by-country revenue reporting rather than where profits were formally booked, accounting for the ability of multinational firms to shift earnings across jurisdictions. Using this methodology, the EU-attributed excess profits represented approximately 42% of the €17.9 billion in global excess profits generated by these eight companies over the first two quarters. Poland experienced the highest concentration of these excess profits, followed by Spain, Germany, and France.
T&E is advocating for the European Union to implement a permanent windfall profit tax on oil companies and direct the resulting revenue toward reducing consumer exposure to fossil fuel price volatility. The organization argues that because these excess profits derive from revenues earned within EU territory, they could be effectively captured through a properly designed tax mechanism. T&E senior director Antony Froggatt stated that oil companies are simultaneously reducing green energy investments while consumers face elevated costs, describing the situation as unjust.
The analysis highlights the vulnerability differential between energy sources, noting that countries with higher electric vehicle adoption rates experience significantly less exposure to petroleum price shocks. Denmark’s battery electric vehicle share stands at approximately 19%, substantially outpacing Poland’s less than 1% figure. According to prior T&E research, petrol-dependent drivers are exposed to impacts from regional conflicts at roughly five times the rate experienced by electric vehicle operators.
A YouGov poll commissioned by T&E and partner organizations found substantial European public support for implementing a windfall profit tax on oil companies.
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