Oil Majors Cash In On War-Driven Profits Amid Calls For Windfall Taxes

Oil companies are enjoying record profits due to high wartime crude prices, raising eyebrows among European lawmakers and Democrats in the U.S. Congress who are calling for windfall taxes on those companies.

Chevron announced its highest quarterly earnings ever at $12.1 billion, while Shell clocked its second-highest quarterly profits at $9.8 billion. ExxonMobil's profits came in below expectations but still doubled compared to last year, reaching $14.5 billion.

The companies collectively raked in an average of $404 million per day for the last three months, with executives citing higher crude prices and refining margins as the main drivers of their success. However, some lawmakers are pushing for a windfall tax on these profits to redirect them towards consumers who have been affected by elevated energy prices.

ExxonMobil CEO Darren Woods called windfall taxes 'misguided policy' that penalizes businesses for attempting to be successful in the oil industry's volatile market. He also mentioned that Exxon had canceled investments due to a previous windfall profits tax and is suing over it, calling it an 'illegal taking.'