Big Oil's $53 billion profit bonanza comes as El Niño threatens millions of lives

28 October 2026 | For immediate release

Big Oil's $53 billion profit bonanza comes as El Niño threatens millions of lives

350.org calls for permanent fossil fuel producer levies and windfall taxes as Shell, ExxonMobil, BP, Chevron and TotalEnergies profit from market disruption while governments spend public money protecting households from soaring fuel costs.

A new briefing by 350.org shows how the world's five major oil and gas companies, BP, Chevron, ExxonMobil, Shell and TotalEnergies, are expected to report around $53 billion in combined third-quarter profits, more than double their earnings in the same period last year, according to RBC Capital Markets estimates cited by Reuters columnist Ron Bousso on 28 September. The windfall comes as a new projection from the University of Chicago's Climate Impact Lab estimates that El Niño could contribute to 451,000 additional heat-related deaths between June 2026 and February 2027.

Meanwhile, governments are spending billions in public money to cushion households from rising fuel prices, while fossil fuel companies continue to reward shareholders, benefit from market volatility and plan further investment in oil and gas.

Clemence Dubois, Global Campaigns, 350.org

"Five oil and gas giants are expected to make $53 billion in a single quarter, while governments scramble to protect people from fuel price shocks and communities face increasingly deadly heat. This is the double standard at the heart of the fossil fuel economy. Companies profit from disruption, resist taxes on their exceptional earnings and continue planning fossil fuel expansion. They want the profits from our dependence and none of the responsibility for its costs. Governments then ask taxpayers to pick up the bill for the very needed household support, public services and climate recovery.

"These companies knew what burning fossil fuels would do. They kept expanding and now they want us to pay for the damage while they drill for more. While paying a tax cannot buy permission to keep expanding fossil fuels, Governments must make polluters pay through permanent producer levies and taxes on excessive profits, and use that money to protect people and finance a fair transition away from fossil fuels."

The briefing exposes how public money cushions the crisis while fossil fuel companies continue to profit. From France and Canada to Brazil, Japan and Kenya, governments are spending billions to protect households from rising fuel prices, while oil and gas companies benefit from market disruption and stronger refining margins.

It also demands accountability for an industry that has repeatedly sought to undermine climate action, deny or deflect responsibility for its role in the crisis, and resist paying for the damage. Companies that have profited from fossil fuels for decades must contribute their fair share to protecting people, repairing climate harm and funding a just transition rather than leaving taxpayers to pick up the bill.

Read the briefing here

ENDS

Notes to editors

• The estimated $53 billion in combined third-quarter profits for BP, Chevron, ExxonMobil, Shell and TotalEnergies is based on RBC Capital Markets estimates cited by Reuters columnist Ron Bousso on 28 September 2026.
• The projection of 451,000 additional heat-related deaths associated with El Niño between June 2026 and February 2027 is attributed to modelling by the University of Chicago's Climate Impact Lab.
• 350.org is an international climate movement working to end the age of fossil fuels and build a just, equitable future powered by renewable energy.