Global Witness says the five ‘super-majors’ are the ‘main winners of the war’ while many struggle to heat their homes. Da The Guardian.
The world’s five largest listed oil companies have made profits of more than a quarter of a trillion dollars since Russia’s invasion of Ukraine led to dramatic increases in energy prices and household bills.
The “super-majors” – BP, Shell, Chevron, ExxonMobil and TotalEnergies – have made $281bn (£223bn) since the war began in February 2022, according to Global Witness.
The UK-based pair, BP and Shell, have made a combined $94.2bn (£75bn) in profits since the conflict began. Global Witness estimates that this is enough to cover all Britain’s household electricity bills for 17 consecutive months.
Shell, which has made $58.9bn (£47bn) in profits since the second quarter of 2022, is also in the process of cutting up to 330 roles from its low-carbon solutions unit in a renewed focus on high-profit oil projects this year.
BP, which last year also moved to scale back its climate goals, has made $35bn (£28bn) in profits since the start of the conflict.
The European and US majors – Chevron, ExxonMobil and TotalEnergies – have made combined profits of more than $187bn (£148bn).
“Russia’s invasion of Ukraine has been devastating for millions of people, from ordinary Ukrainians living under the shadow of war, to the households across Europe struggling to heat their homes,” said Global Witness’s senior fossil fuels investigator, Patrick Galey.
