$48 Billion Profit for Global Oil Majors Amid Iran Tensions

Five global oil majors - Exxon Mobil, Chevron, BP, Shell, and TotalEnergies - posted a combined $48 billion profit in Q2, benefiting from higher oil prices amid US-Iran hostilities. The companies generated nearly $90 billion in cash during the quarter, the highest level on record.

Oil prices surged above $100 per barrel following the US-Iran tensions, leading to bumper profits for these oil majors. Exxon and Chevron drew criticism from US President Donald Trump over high fuel prices.

The companies used their increased cash reserves to reduce debt and build up their financial buffers. BP CEO Meg O'Neill said her company was focusing on operational performance and trading to maximize the availability of products needed by consumers, including jet fuel and diesel.

Shell CEO Wael Sawan described volatility as 'the new normal' and attributed the company's strong results to higher commodity prices. The American Petroleum Institute (API) argued that oil and gas is a cyclical business and opposed calls for a windfall tax on excess profits, saying it would not lower consumer prices.