The five largest Western oil and gas companies, including Shell, BP, Chevron, ExxonMobil, and TotalEnergies, have made more than $281B in profits since the beginning of Russia’s full-scale invasion of Ukraine.
It is noted that since the period after the COVID-19 pandemic, wholesale energy prices have increased significantly as a result of the war in Ukraine. Economic sanctions imposed on Russia and Moscow’s decision to stop gas imports to several countries caused gas prices to rise in Europe, which triggered a global energy crisis.
As a result, American and European oil and gas companies experienced a rapid profit increase.
British companies Shell and BP are reported to have made £75B in profits, which could cover all UK household electricity bills for 17 months.
Record profits have allowed oil companies to strengthen their position in the market by acquiring smaller companies in the industry. Chevron bought Hess Corporation for $53B, and ExxonMobil bought Pioneer for $60B.