$48 Billion Windfall: Oil Majors Cash In on US-Iran Tensions
The five global oil majors - Exxon Mobil, Chevron, BP, Shell, and TotalEnergies - made a combined $48 billion profit between April and June due to higher fossil fuel prices amid hostilities between the US and Iran.
Oil prices surged to over $100 per barrel following the tensions, helping the companies generate nearly $90 billion in cash during the quarter, their highest level on record.
The strong earnings have drawn political criticism, with US President Donald Trump calling out Exxon and Chevron for making 'too much money' from higher fuel prices.
According to IEEFA's Williams-Derry, much of the additional cash has gone towards building reserves and reducing debt, with cash reserves across the five supermajors increasing by a little over $17 billion from the previous quarter.