Big oil companies making $17 bil. profits per hour as wildfires rage: Oxfam Novib
While one heatwave followed another, drought and water shortages increased, and wildfires raged, the six biggest fossil fuel companies nearly doubled their net profits in the second quarter of this year, RTL Z reported based on an Oxfam Novib analysis. The six fossil fuel giants will make profits of nearly $17 billion per hour this year, the development organization calculated.
This involves the six largest oil and gas companies in the world: Shell, Chevron, BP, ENI, Exxon, and TotalEnergies. Their net profits rose from $23 billion in the first quarter of 2026 to $45 billion in the second quarter, according to Oxfam Novib.
Oxfam Novib, the Dutch branch of the global development organization, also calculated the expected annual profits of these companies. In April, the organization still estimated the annual profits at $93 billion. Now, that has increased to $147 billion.
That amounts to $17 billion per hour, or approximately $4,660 per second, Oxfam Novib pointed out.
“Meanwhile, millions of people are struggling with heatwaves, wildfires, and the other extreme weather conditions of the past few weeks, which are a direct result of this fossil fuel profiteering,” said Winnie van Woerden of Oxfam Novib. “Not to mention the sky-high energy prices and inflation.”
The six fossil fuel companies plan to increase their oil and gas production by 14 percent by 2030, compared to 2024.
Multiple European countries, including Germany, Italy, Spain, Portugal, and Austria, are calling for heavier taxation of fossil fuel companies’ excessive profits. The Netherlands has not yet joined this movement.
During the energy crisis in 2022, the Netherlands did tax oil and gas companies’ profits more heavily, generating €3.2 billion for the state treasury, according to RTL.
