Story thread · 2 reports / 2 sources

$48 billion profit! 5 global oil majors cash in on oil surge amid Iran war. Where is money flowing?

economictimes.indiatimes.com · 1dShare

The five oil supermajors- Exxon Mobil, Chevron, BP, Shell, and TotalEnergies- made a combined $48 billion profit between April and June, helped by higher fossil fuel prices amid hostilities between the US and Iran, following which oil prices went flying to over $100 per barrel.The companies also generated nearly $90 billion in cash during the quarter, the highest level on record and above the cash generated following Russia's full-scale invasion of Ukraine in early 2022.The strong earnings have also drawn political criticism. US President Donald Trump last week criticised Exxon and Chevron for making "too much money" from higher fuel prices during the Iran war and renewed his call for lower prices at the pump.Where is the money going?Much of the additional cash has gone towards building reserves and reducing debt, according to IEEFA's (Institute of Energy Economics and Financial Analysts ) Williams-Derry to CNBC. Cash reserves across the five supermajors increased by a little over $17

First report: Trump says oil supermajors are making too much money. What will they do with it? — cnbc.com, 1d