Amsterdam, Netherlands – Shell made a US$6.9 billion first quarter profit[1], more than double last quarter’s, as the US-Israeli war on Iran drives oil prices above US$100 a barrel, delivering windfall profits to the fossil fuel industry and repeating a pattern last seen when Russia invaded Ukraine in 2022.
Together, Europe’s four largest oil majors – Shell, TotalEnergies, BP and Equinor[2][3][4] – reported more than US$18 billion of adjusted earnings after tax in Q1 2026, up 80% quarter-on-quarter. They swiftly moved to reward shareholders: TotalEnergies raised its dividend by 5.9% and doubled buybacks, and Shell announced a 5% dividend increase alongside a US$3 billion share buyback.
Rebecca Newsom, Global Political Lead at Greenpeace International said: “Every time a crisis hits, the bill for energy, food, transport, and rent goes to ordinary folks and families. Meanwhile, the same companies that built our dependence on fossil fuels are reporting higher profits and rewarding their shareholders and CEOs. This system is broken but it is designed this way – and it will continue like this until governments decide that protecting people matters more than protecting oil company profits.”
“More than 50 countries just reiterated their commitment to ending coal, oil and gas dependence at the world’s First Conference on Transitioning Away From Fossil Fuels in Santa Marta, Colombia. Record levels of solar and wind power have helped keep the lights on while gas supplies have been blockaded. The solutions exist. What we need now is for governments to stop letting fossil fuel corporations off the hook, and start permanently increasing taxes on their profits so we can build renewable energy systems that protect people and reduce bills.”
“When Russia invaded Ukraine in 2022, Big Oil’s profits jumped 125% over the course of that year. Governments introduced temporary windfall taxes that delivered a fraction of what was promised, because the industry shifted profits out of reach. Three years later, another fossil fuel crisis has returned, and the same companies are laughing all the way to the bank. Enough is enough: governments must introduce permanent surtaxes on oil and gas company profits now to reduce our dependence on this damaging industry altogether and raise hundreds of billions for a safe future powered by renewables.” Newsom said.
Greenpeace International is calling on governments to introduce new permanent taxes on oil and gas profits – applied to all profits, not just temporary windfalls – and back a global polluter profits tax under the UN Tax Convention, with binding rules to prevent profit shifting to tax havens. Revenues must support households facing rising bills, fund renewable energy projects, and support the most climate-impacted communities around the world.
ENDS
Photos are available in the Greenpeace Media Library – among them, see Greenpeace projection action at Shell’s London HQ and a Shell petrol station.
Notes:
[1] Shell Q1 2026 results
[2] TotalEnergies Q1 2026 results
[3] BP Q1 2026 results
[4] Equinor Q1 2026 results
Contacts:
Franck Mithieux, Communications Specialist, Greenpeace International, +33 (0)6 73 89 23 19 (Signal, Whatsapp), [email protected]
Greenpeace International Press Desk, +31 (0)20 718 2470 (available 24 hours), [email protected]
Ref: https://www.greenpeace.org/international/press-release/83292/war-on-iran-delivers-another-bonanza-for-oil-giants-while-families-foot-the-bill/
