Four of the world’s largest energy companies—Saudi Aramco, ExxonMobil, Chevron and BP—posted a combined second-quarter profit of about $65 billion, driven by higher crude oil prices and refining margins following disruptions to global energy supplies during the Iran conflict.
The surge in earnings came as oil prices climbed sharply after tensions involving Iran, Israel and the United States disrupted shipping through the Strait of Hormuz, a key global oil transit route.
Brent crude traded above $100 per barrel for much of the April-to-June quarter, while prices of diesel, jet fuel and petrol also increased significantly.
Saudi Aramco reported the highest earnings, with second-quarter net profit rising 44 per cent to $32.69 billion, compared with $22.67 billion in the corresponding period of 2025.
The company said it maintained supply reliability by redirecting exports through its East-West Pipeline to the Red Sea despite the disruption.
“Despite the unprecedented supply disruption through the Strait of Hormuz, we continued to demonstrate our ability to maintain business continuity,” Aramco President and Chief Executive Officer, Amin Nasser, said.
He warned that rebuilding depleted global oil inventories could take up to 18 months, even if normal shipping resumed immediately.
In the United States, ExxonMobil more than doubled its quarterly earnings to $14.53 billion, while Chevron reported $12.07 billion, nearly four times its earnings during the same period last year.
British energy giant BP also recorded strong performance, with its underlying replacement cost profit rising to $5.73 billion, supported by stronger energy prices, improved trading and higher refining margins.
The company also announced plans to reduce its renewable energy exposure by divesting its U.S. biogas business as it sharpens its focus on oil and gas operations.
The record profits have renewed criticism that major oil producers are benefiting from geopolitical instability while consumers face rising fuel costs.
U.S. President Donald Trump criticised ExxonMobil and Chevron, urging the companies to reduce retail fuel prices.
“They’re making too much money based on a shortage. I don’t like it,” Trump said.
The earnings have also revived calls in the United States and Europe for windfall taxes on oil companies to help cushion the impact of higher energy costs on households and businesses.
Meanwhile, the Dangote Petroleum Refinery is seeking to raise about $5 billion through an Initial Public Offering (IPO) expected to conclude in October.
According to a Reuters report, the refinery has submitted its application to the Securities and Exchange Commission (SEC), with regulatory approval expected ahead of the planned listing on the Nigerian Exchange.
The 650,000-barrels-per-day refinery plans to use the proceeds to expand operations and support the development of another refinery in Kenya.
The report said the proposed IPO could become the largest stock market listing in Africa, following a recent private transaction that valued the refinery at approximately $40 billion.
The refinery, which began operations in 2024 and reached full capacity earlier this year, has become a major supplier of refined petroleum products across Africa and Europe, particularly aviation fuel, amid increased global demand.
