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.
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.
