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The Guardian - UK

Business

Jasper Jolly and Jessica Elgot

Profits at world’s seven biggest oil firms soar to almost £150bn this year

Oil Shell Rishi Sunak United Kingdom European Union British Petroleum UK Treasury

The sun rises behind a redundant oil platform moored in the Firth of Forth near Kirkcaldy. — The sun rises behind a redundant oil platform moored in the Firth of Forth near Kirkcaldy. Photograph: Jane Barlow/PA

Profits at the world’s biggest oil companies have soared to nearly £150bn so far this year as Russia’s war on Ukraine pushed up energy prices, according to estimates from analysts.

Britain’s Shell and France’s TotalEnergies on Thursday reported profits for the first nine months of 2022 of $59bn (£51bn). US rivals Chevron and ExxonMobil are expected to report year-to-date earnings approaching $70bn on Friday, while 2022 profits at Britain’s BP could break the $20bn mark on Tuesday.

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