Nine of the world’s largest listed oil producers are on track to generate combined profits exceeding $95bn in the third quarter ending in September, according to analysis by investment broker AJ Bell. This represents the second consecutive quarter in which these companies have surpassed the $95bn profit mark, following a second quarter in which they recorded $96bn in combined earnings.
The elevated profits stem from disruptions to global fossil fuel supplies triggered by regional geopolitical tensions. Oil prices surged above $126 per barrel following conflict in the Middle East, with analysts attributing much of the recent windfall to refining divisions that have benefited from higher prices and compensated for supply shortages resulting from disruptions to shipments through the Strait of Hormuz.
Saudi Arabia’s state-owned Saudi Aramco is expected to report the highest quarterly profits among the group, with analysts anticipating a 7% increase in net income to approximately $30bn. BP, a London-listed company, reported quarterly profits of $8.46bn for the July to September period, marking its strongest performance since 2008.
The substantial profits have prompted calls from environmental and advocacy organizations for oil corporations to contribute more toward environmental remediation and renewable energy transition initiatives. Climate campaigners and some political figures have criticized ongoing government subsidies and approval of new drilling projects, arguing that the oil industry’s record profits undermine the justification for such support. The UK government is currently evaluating whether to approve drilling in the Rosebank oilfield in the North Sea, a decision that has drawn particular scrutiny from climate advocates concerned about its carbon emissions implications and alignment with net-zero objectives.
Major oil companies including Shell, BP, Chevron, ExxonMobil, and others have been contacted for additional comment on the profit figures and related policy matters.
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