Oil Giants Cash In On War-Driven Profits

Oil giants Chevron and Shell have reported record-breaking profits as the conflict in the Middle East drives up global crude prices. The two companies, along with ExxonMobil, saw their earnings soar to historic highs in the last quarter of 2026.

Chevron's quarterly profits reached $12.1 billion, while Shell's came in at $9.8 billion. ExxonMobil's profits were slightly lower than expected but still doubled from this time last year, coming in at $14.5 billion.

The combined profits of the three companies totalled an average of $404 million per day over the past three months. This has sparked calls for windfall taxes on oil profits, with some European lawmakers and Democrats in the U.S. Congress arguing that excess profits should be redirected to consumers who are paying elevated prices for energy.

ExxonMobil's CEO Darren Woods dismissed windfall taxes as 'misguided policy', saying they penalise businesses that attempt to succeed despite the oil industry's volatile nature.