The energy crisis boosts the profits of the oil majors
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ANALYSIS – Soaring oil and gas prices have boosted their revenues to historic levels. What relaunch the debate on the tax on their “surplus profits”.
The record prices of hydrocarbons in recent months, driven by the war in Ukraine, are followed by the historic results of the majors. The five largest western companies – the American ones Exxon and Chevron, the British Shell and BP as well as the French TotalEnergies – published cumulative profits of nearly 60 billion dollars in the second quarter. And this, after a first quarter marked by depreciation of assets linked to their withdrawals from Russia.
BP was the fifth and last supermajor to present its results on Tuesday, with net profit tripled year on year to $9.26 billion. The second largest in its history. The West’s largest oil company, ExxonMobil, surpassed its record from 2012, with net income of $17.9 billion (more than the combined profits of BP and Shell). “He made more money than God in the second quarter”said the President of the United States, Joe Biden.
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These companies take advantage of…
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