The five biggest publicly traded oil firms globally have amassed earnings exceeding a quarter of a quadrillion dollars subsequent to Russia’s incursion into Ukraine, which precipitated sharp rises in energy costs and household expenses.
According to Global Witness, the “super-majors”—BP, Shell, Chevron, ExxonMobil, and TotalEnergies—have profited $281 billion, or £223 billion, since the conflict started in February 2022.
Since the conflict started, the UK-based companies BP and Shell have reportedly made a combined $94.2 billion, or £75 billion, in profits.
According to Global Witness, this would be sufficient to pay for all of Britain’s household electricity costs for a period of seventeen months.
With a renewed focus on high-profit oil projects this year, Shell, which has made $58.9 billion, or £47 billion, in profits since the second quarter of 2022, is also in the process of eliminating up to 330 positions from its low-carbon solutions arm.
According to the analysis, BP has gained $35 billion (£28 billion) in profits since the beginning of the conflict. Last year, the company took steps to reduce its climate targets.
In addition, the three main US and European corporations, Chevron, ExxonMobil, and TotalEnergies, have achieved a combined profit of about $187 billion, or £148 billion.
According to Patrick Galey, senior fossil fuels investigator for Global Witness, “this analysis shows that, regardless of what happens on the frontlines, the fossil fuel majors are the main winners of the war in Ukraine.”