The eight largest oil companies—including Saudi Aramco, BP, Shell, Equinor, TotalEnergies, Eni, Chevron, and ExxonMobil—have reported combined profits nearing $90 billion for the second quarter of 2024, nearly doubling their earnings from the same period last year. This surge follows a spike in global oil prices to over $126 per barrel, driven largely by disruptions linked to the recent U.S.-Israeli conflict involving Iran.

Saudi Arabia’s state-owned Aramco posted the highest quarterly net income, increasing by 34% to more than $33 billion despite sustaining infrastructure damage from drone and missile attacks attributed to Iranian and Houthi forces. Following Aramco, U.S. companies ExxonMobil and Chevron reported profits of $14.5 billion and $12.2 billion respectively, both significantly higher than figures from the previous year. European firms Shell and BP also saw substantial gains; Shell recorded nearly $9.8 billion in net income, while BP reported $5.73 billion, marking its strongest quarterly performance since early 2022.

The rapid accumulation of wealth by these companies has drawn criticism from climate and social justice advocates. Campaign groups warn that the windfall is coming at the expense of millions of households worldwide, which are facing soaring energy bills and mounting climate-related disasters. Scientific research has increasingly linked carbon emissions from major fossil fuel producers to the intensification of global heatwaves, with studies indicating that emissions from the largest firms correspond to dozens of deadly heat events that would otherwise be highly unlikely.

Activists argue that the record profits underline ongoing concerns about the fossil fuel industry’s role in exacerbating climate change. Patrick Galey, lead fossil fuels campaigner at Global Witness, described the earnings as a “scandalous reminder” of how energy companies are benefiting amid a worsening climate crisis. Rosie Downes of Friends of the Earth highlighted the burden borne by ordinary families confronting both the direct effects of climate change and rising energy costs.

BP’s chief executive, Meg O’Neill, defended the company’s profitability by emphasizing efforts to maintain stable supply amid global market pressures. However, critics note that BP has reduced its investment in green energy, cutting its annual energy transition budget from $5 billion to between $1.5 billion and $2 billion since last year. The company has divested significant assets in renewable sectors, including offshore wind and biogas, and is reportedly negotiating the sale of its solar power business.

Meanwhile, Shell and Equinor also demonstrated robust financial results. However, challenges persist, such as Shell producing less gas from its Qatar assets due to conflict-related damage. In the United States, former President Donald Trump criticized Chevron and ExxonMobil for their profits, alleging they are excessive amid ongoing geopolitical tensions. He has suggested these companies could be required to return earnings to the public, framing the debate within the context of upcoming national elections.

The financial gains by oil majors have coincided with an intensification of climate impacts during the spring and summer months. Europe has experienced record-breaking heatwaves, with fatalities estimated at around 20,000 across the continent, including nearly 3,000 in the United Kingdom during May and June alone. These extreme conditions have also contributed to severe droughts affecting agricultural output and triggering widespread wildfires across Southern Europe, resulting in billions of euros in damages.

The United Nations’ climate chief Simon Stiell called for accelerated action to phase out fossil fuels and expand renewable energy, stressing the urgent need to protect vulnerable populations already suffering from climate effects. Advocates have called for mechanisms to hold oil companies financially accountable for their role in driving climate breakdown, suggesting that increased taxation or reparations could fund mitigation and adaptation efforts.

The oil companies involved were contacted for comment but had not provided a detailed response at the time of publication.