Big oil companies report soaring profits and increased production

Major oil companies like Exxon Mobil, Shell and BP reported higher-than-expected profits due to increased oil and gas production, while Chevron's earnings fell short because of its refining business.

Shelby Webb and Heather Richards report for E&E News.

In short:

• Exxon Mobil achieved a 15% increase in second-quarter production thanks to record outputs in the Permian Basin and Guyana, while Chevron announced it will relocate its headquarters to Houston.
• ConocoPhillips is advancing its Willow oil project in the Arctic, despite opposition, with expectations of producing 180,000 barrels per day by 2029.
• Shell and BP face criticism from environmental groups for shifting away from renewables and prioritizing short-term shareholder profits from fossil fuels.

Key quote:

“It is shameful that Shell…continues to reap billions in profits off the back of its planet-wrecking oil and gas operations.”

— Chiara Liguori, senior climate justice policy adviser for Oxfam Great Britain

Why this matters:

The oil companies' focus on fossil fuel production over renewable energy investments could hinder global climate goals. This trend underscores the tension between corporate profit motives and environmental responsibility.