They’re making record profits, but oil companies still won’t ‘drill, baby, drill’

By: Austin Corona/Grist

Outlets: Nevada Current

Published: August 11, 2026

Words: 1,102

Last Updated: 1 week ago

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This story was originally published by Grist.

Over the last two weeks, oil companies have announced eye-popping profits from the spring quarter. Exxon Mobil pulled in $14.5 billion. Chevron landed $12 billion, its highest quarterly profit on record. Shell posted $9.8 billion — more than twice its earnings from the same time last year.

These profits are largely a product of supply constraints brought on by the war in the Middle East. With …

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