As Shell reports huge first-quarter profits of $6.9 billion, new analysis from Global Witness reveals that six of Europe’s oil majors – bp, Shell, TotalEnergies, Eni, Equinor and Repsol – posted their highest quarterly profits since 2022, when they reaped the benefits of the fallout from Russia’s war on Ukraine.
In the first quarter of 2026, combined quarterly profits of $21.7 billion* recorded by BP, Repsol, TotalEnergies, Eni and Equinor were 43% higher than in the same period last year, reflecting a large windfall from volatile oil prices caused by the US-Israel war in Iran.
According to a Global Witness analysis of quarterly filings, these six fossil fuel giants have collectively not been able to generate that much money since the fourth quarter of 2022. The three largest European majors — Shell, BP and TotalEnergies — have earned $252 billion since the 2022 invasion of Ukraine.
Patrick Galley, head of news investigations at Global Witness, said: “While lives are being destroyed by war, and people everywhere fear rising bills, it is disgusting to see oil giants like Shell amassing obscene amounts of money.
“Sadly, we all know that this is not the first time that big oil companies have profited from war – when Russia invaded Ukraine 4 years ago, our energy bills skyrocketed as fossil fuel companies piled on.
“And now we see the same pattern repeating itself: the combined profits of Europe’s six largest oil companies are up 43% compared to the same period last year. These are clearly the spoils of war.
“It is time to break out of the fossil fuel cycle of doom – we need strong taxes on big polluters to insulate households from price shocks and fund a cheaper, cleaner and more stable energy future for all.”
In April, an analysis by Global Witness and The Guardian found that the world’s 100 largest oil and gas producers made excess profits of more than $30 million every hour in the first month of the US-Israel war on Iran, as the conflict sent oil prices above $100 (£74) a barrel in March.
Although major US oil companies Chevron and Exxon Mobil have yet to benefit from the windfall from higher prices thanks to halted deliveries and supply disruptions in the region, European majors such as BP and Total Energy are already enjoying the blessing of higher prices thanks to their large trading operations, allowing them to monetize market volatility.
Shareholders of these companies are expected to benefit greatly from these profits. The three largest European majors – BP, Shell and Total Energies – have rewarded shareholders a combined $10 billion in the first quarter of 2026 – since the start of the war in Iran that sent oil prices soaring.
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