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As communities across the globe confront devastating wildfires and endure record-breaking heatwaves and rising household costs, activists appear unexcited as US oil and gas companies, Chevron and Exxon, announced record-level quarterly profits.

ExxonMobil and Chevron on Friday, July 31, 2026, reported second-quarter profits that surged on rising oil prices due to the Iran war.

Exxon and Chevron

Chevron’s net income soared to $12 billion, a nearly 400% increase compared to $2.5 billion in the same period last year. Adjusted earnings came in at $6.06 per share, 50 cents higher than Wall Street’s estimates.

Exxon posted profits for the quarter of $14.5 billion, more than doubling from about $7.1 billion in the same quarter last year. Adjusted earnings of $3.52 per share missed analyst estimates by 8 cents.

Chevron shares were slightly higher in premarket trading, while Exxon shares were down about 1%.

But observers insist that oil majors Exxon and Chevron latest profits come as extreme heat and rising living costs squeeze households.

They lamented that over 300,000 people had to evacuate due to wildfires in Spain and France while Canada battles nearly 900 active wildfires.

According to the campaigners, June 2026 was France’s hottest June on record, averaging 3.8°C above normal. Scientists, they added, found the June heatwave would have been virtually impossible without human-caused warming, while western Europe’s spring soil drought was made around five times more likely.

Environmental campaign group, 350.org, said the results highlight how oil and gas companies continue to benefit from making ordinary people pay the price. 350.org criticises these profits made possible by a global energy system that remains dependent on fossil fuels, exposing households to volatile prices while accelerating the climate crisis.

“Every rise in oil and gas prices feeds through to higher transport, electricity and food costs, even as governments spend billions responding to climate disasters and protecting families from energy price shocks,” submitted the group.

Clémence Dubois, Campaigns Director at 350.org, said: “Chevron and Exxon are making obscene profits on the back of a reckless war while countries literally burn, families flee their homes and people breath ash. The fossil fuel industry may not have struck the match, but the climate crisis they drove has loaded our landscapes with tinder. Chevron and Exxon are profiteering from a model of distraction leaving ordinary people to pay the price with higher bills and devastating impacts such as these fires. These profits feel almost criminal.”

In the United States, this summer’s extreme heat has been driven by a series of heat domes that pushed temperatures past 100°F (38°C) across more than two dozen states, with more than 200 million people placed under heat alerts at the height of the event in late June and early July. Communities from Phoenix, Arizona, to Atlantic City, New Jersey, recorded new all-time temperature highs.

The heat has driven US electricity demand to its highest level in at least five summers: households are projected to spend around $800 on electricity between June and September this year, 10.5% more than the same period last year, while average summer cooling costs have climbed nearly 40% since 2020. An estimated 16% of US households are currently behind on their electricity bills.

Candice Forten, US Team Lead at 350.org, said: “This summer, heat domes have pushed temperatures past 100 degrees across more than two dozen states, at one point putting over 200 million people under heat alerts. Households are now projected to spend around $800 on electricity this summer alone, up more than 10% on last year, and cooling costs have climbed nearly 40% since 2020. People are paying more than ever to survive heat made worse by fossil fuels, while the company most responsible prepares to report another blockbuster quarter.”

The announcement comes as scientists warn that heatwaves are becoming more frequent, longer-lasting and more intense because of climate change, while the economic costs of extreme weather continue to rise.

Stella Amanie, Executive Director at SWAYA, part of REPower Africa Campaign / Network, said: “Development cannot be measured only by oil production. It must be measured by clean rivers, productive farmlands, healthy communities and respect for the rights of host communities. Women and vulnerable groups are often the first to bear the impacts of pollution but the last to be heard in decision-making. Their voices must be central to environmental justice. Communities in the Niger Delta deserve timely responses to oil spills, transparent investigations, fair compensation where harm is established and meaningful participation in decisions that affect their environment and livelihoods.” 

Fenton Lutunatabua, 350.org Pacific and Caribbean Programme Lead, said: “It is jarring to see these obscene profit margins, while people in the Northern Pacific Islands are still picking up the pieces of their lives after Super Typhoon Bavi. Homes remain damaged, and communities are still in need of basic necessities, and still the fuel prices continue to pressure everyday people to reach deeper into their pockets. Across the Pacific, our people are being choked by  climate disasters and rising costs of living, and we have to watch oil tycoons take home billions at the expense of our survival. I think it’s high time that they pay for the damage they have caused, and contribute to solving these crises.” 

Jóeci Loped Miranda, Aracruz Coastal Seaweed and Aquaculture Growers Association, said: “As Exxon and Chevron announce yet another quarter of billion-dollar profits, the fishing communities of Aracruz, Serra, and Fundão in Brazil continue living with the impacts of oil spills that harm our seas and our ways of life. The problem doesn’t end when the slicks disappear from the surface.

“Fossil fuels accelerate climate change, altering ocean temperatures and balance, reducing biodiversity, and directly threatening artisanal fishing, a source of food, work, culture, and identity for thousands of families. No profit can justify sacrificing traditional communities and the future of our oceans. Our fishing, our culture, and our territory cannot keep financing billion-dollar profits at the cost of environmental injustice.”