Fuel on the fire: why oil companies are profiting as the world gets dangerously hot

The Guardian7 jul 2026Macro
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Shell, ExxonMobil, Chevron and seven other publicly listed petroleum firms plan to increase oil and gas production by an average of 14% between 2024 and 2030, according to an analysis by the TPI Global Climate Transition Centre at the London School of Economics. The planned expansion exceeds the International Energy Agency’s business-as-usual scenario of a 5.9% increase this decade, which the IEA associates with a 2.9C global temperature rise by 2100. In the latest quarter, BP’s profits more than doubled while the six European oil majors increased combined profits by 43% to $22bn.