Big Oil Profits Surge as Deadly Heat Waves Ravage Global Communities

The projected windfall marks a sharp increase from the $23 billion reported in the first quarter of the year. Among the most significant gains, Chevron is expected to report profits of $1,200 per second over the last three months, while ExxonMobil’s earnings have reportedly tripled to $1,800 per second. Total projected profits for BP, Chevron, Eni, ExxonMobil, Shell, and TotalEnergies for the full year amount to $147 billion.

Despite the clear link between fossil fuel emissions and the climate emergency, these companies plan to expand production by 14% by 2030. Mariana Paoli, climate policy lead at Oxfam, described the industry’s trajectory as fundamentally incompatible with a livable planet. She noted that while families face soaring energy costs and the destruction of their homes, the industry continues to prioritize record-breaking returns.

To address this, Oxfam has proposed a permanent “rich polluter profit tax,” which could generate up to $400 billion globally in its first year. The organization argues that such revenue is vital to support climate adaptation in the Global South, where the costs of loss and damage are projected to reach $1 trillion annually by 2030. This push for accountability follows a World Health Organization report documenting nearly 500,000 heat-related deaths annually between 2000 and 2019, a toll expected to rise as climate-driven temperatures become the global norm.