Shannon Van Hoesen, shannon.vanhoesen@sierraclub.org
Washington, DC - Big Oil companies have begun to release their quarterly earnings. Shell reported today that it nearly doubled its earnings from the same quarter last year and that Q3 of 2026 was its highest earning quarter since 2022, following Russia’s invasion of Ukraine. Combined earnings with other Big Oil companies– including BP, ExxonMobil, Chevron, and TotalEnergies– are expected to total $53 billion.
Donald Trump and his administration are also personally cashing in on the profits spurred by the war in Iran. A new report from the U.S. Congress Joint Economic Committee found Trump’s personal wealth from oil and gas stocks has grown by as much as $35.8 million.
In response, Mahyar Sorour, Sierra Club Director of Beyond Fossil Fuels Policy:
“Trump called on polluters to finance his campaign as a quid pro quo in exchange for his administration doing all it can to tear down protections for people and the environment. That $1 billion campaign investment is bringing big returns for the biggest oil and gas companies that heeded the call and are now expected to double their Q3 earnings over last year as energy prices skyrocket due to Trump’s war in Iran.
“It’s not just Big Oil that is profiting off of Trump’s action: the president himself is lining his own pockets and bragging about it on stage while Americans struggle to make ends meet. Trump does not care about people’s health or about building a secure, clean energy future. He cares about himself and his friends in Big Oil getting richer. We need to rein in Big Oil and Gas profiteering and enact a windfall profits tax.”
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About the Sierra Club
The Sierra Club is America’s largest and most influential grassroots environmental organization, with millions of members and supporters. In addition to protecting every person's right to get outdoors and access the healing power of nature, the Sierra Club works to promote clean energy, safeguard the health of our communities, protect wildlife, and preserve our remaining wild places through grassroots activism, public education, lobbying, and legal action. For more information, visit www.sierraclub.org.