November 2, 2022 - Despite recent price falls, the profits of major oil companies continue to soar while high fuel costs drive inflation and a cost of living crisis.
Saudi Aramco has reported its second highest profits since floating on the stock market in 2019, while BP announced its Q3 profits have doubled. There are calls from across the political spectrum to extract some of these profits in a windfall tax to ease the burden on ordinary households.
Meanwhile, Gazprom has seen revenue double – despite a 43% fall in shipments to Europe due to the war in Ukraine – by more than tripling gas export prices.
- Bumper profits raise pressure on oil majors (Financial Times)
- Gazprom doubles export revenue despite delivering 43% less gas to Europe (Oil Price)
- PetroChina Company Limited Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2022 (Market Screener)
- Equinor third quarter 2022 (Equinor)
- TotalEnergies lands $9.9 bln profit as it books new Russia charge (Reuters)