The claim does not specify which fossil fuel companies, what geographic scope, or what time period is referenced, making precise verification difficult.
The all-time record for fossil fuel profits was set in 2022, when global oil and gas net income reached approximately $916 billion (US dollars), with Q2 2022 marking the absolute peak. Q1 2026 profits are the highest since that 2022 record, but do not appear to exceed it.
The 2026 profit surge is closely linked to the geopolitical shock of the Iran conflict, which drove up oil prices — a temporary factor that does not necessarily indicate a structural shift in profitability.
No primary official source (e.g., company earnings reports or IEA data) was consulted; the verification relies on NGO research and journalistic sources.
Sources
AcademicScienceDirect / Energy Research & Social ScienceThe 2022 oil and gas crisis resulted in record fossil-fuel profits globally. In the second quarter of 2022, profits reached an all-time high, reaching $916 billion (US dollars) for the year.
SecondaryGlobal WitnessSix leading European oil majors' make combined $22 billion in first quarter of 2026 – the highest quarterly profits since 2022. The combined Q1 2026 figure represents a 43% surge compared to the same period in 2025.
SecondaryFortuneOil and gas profits surge as energy giants post profits twice as high as 2025. Activists call surging oil and gas profits 'horrifying'.