Big oil companies report soaring profits and increased production

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.

Wildfire on a hill with billowing smoke.

Texas and Minnesota issue air pollution warnings, urging drivers to avoid idling and drive-thrus

Millions of residents in Texas and Minnesota were asked to change driving habits this week as forecasters warned of unhealthy air from wildfire smoke and ozone pollution.

Chloe Mayer reports for Newsweek.

Keep reading...Show less
Smoke billows from the cooling towers of a power plant.

Coal plants and chemical facilities secured air rule exemptions through Trump-era email system

Power companies and chemical manufacturers have used a new U.S. Environmental Protection Agency process under President Trump to quickly win exemptions from air pollution rules meant to limit mercury and cancer-causing emissions.

Maxine Joselow reports for The New York Times.

Keep reading...Show less
A person making a protest sign that says There is No Planet B.

Trump administration proposal to revoke key climate finding draws criticism from scientists

The Trump administration moved to undo the legal basis for U.S. climate rules, citing disputed science that researchers say misrepresents decades of evidence linking greenhouse gases to rising global temperatures.

Chelsea Harvey and Scott Waldman of E&E News provide a fact-check on some of the claims made in the EPA's proposal.

Keep reading...Show less
An interior view of a data center with rows of servers visible.

Trump moves to limit environmental reviews for AI data center projects

President Donald Trump has proposed easing decades-old environmental review requirements to speed construction of AI data centers, a step critics warn could weaken oversight of pollution and water use.

Melina Walling and Matthew Daly report for The Associated Press.

Keep reading...Show less
A white bird flies over a wetlands area.

Wetland treaty talks falter as U.S. and Russia exit global conservation efforts

Delegates from more than 170 nations met in Zimbabwe to address the rapid loss of wetlands, but the absence of the United States and Russia’s withdrawal cast doubt on future cooperation.

Katie Surma reports for Inside Climate News.

Keep reading...Show less
An illustration of a large data center with data being distributed to the cloud, offices, etc.

AI data center planned in Wyoming will consume more electricity than all the state’s homes combined

An energy company and AI developer plan to build a data center near Cheyenne that could grow to five times the state’s total household electricity use, intensifying questions about energy supply and climate impacts.

Mead Gruver and Matt O’Brien report for The Associated Press.

Keep reading...Show less
A farm tractor digging an irrigation canal.

Wildfire damage threatens key irrigation canal supplying Washington orchards

A wildfire that swept Yakima County last year left a century-old irrigation canal so unstable that engineers are racing to prevent catastrophic water loss for thousands of acres of orchards.

Brett Walton reports for Circle of Blue.

Keep reading...Show less
From our Newsroom
Multiple Houston-area oil and gas facilities that have violated pollution laws are seeking permit renewals

Multiple Houston-area oil and gas facilities that have violated pollution laws are seeking permit renewals

One facility has emitted cancer-causing chemicals into waterways at levels up to 520% higher than legal limits.

Regulators are underestimating health impacts from air pollution: Study

Regulators are underestimating health impacts from air pollution: Study

"The reality is, we are not exposed to one chemical at a time.”

Pennsylvania governor Josh Shapiro speaks with the state flag and American flag behind him.

Two years into his term, has Gov. Shapiro kept his promises to regulate Pennsylvania’s fracking industry?

A new report assesses the administration’s progress and makes new recommendations

silhouette of people holding hands by a lake at sunset

An open letter from EPA staff to the American public

“We cannot stand by and allow this to happen. We need to hold this administration accountable.”

wildfire retardants being sprayed by plane

New evidence links heavy metal pollution with wildfire retardants

“The chemical black box” that blankets wildfire-impacted areas is increasingly under scrutiny.

Stay informed: sign up for The Daily Climate newsletter
Top news on climate impacts, solutions, politics, drivers. Delivered to your inbox week days.