UK energy crisis: Oil giants including BP & Shell expected to announce £160 billion profits

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Major oil companies are expected to announce combined earnings of more than £5,000 per second while UK households struggle to cover energy bills after the cost of fuel has soared.

Oil giants are predicted to announce £160 billion profits amid the ongoing energy crisis that has seen households struggle to make ends meet. According to a report by a daily newspaper, in two weeks’ time, five of the world’s biggest producers will reveal how much they made last year.

According to the report, BP, Shell, along with US powerhouses Chevron and ExxonMobie, France’s TotalEnergies, and other major oil companies, are expected to reveal combined earnings of more than £5,000 per second - double what they made the previous year.

Chevron announced record annual profits of £28.6 billion yesterday to start off the reporting season, a significant increase from the £12.6 billion it earned in 2021. Mike Wirth, Chevron’s chairman and chief executive, insisted it was "investing to grow both traditional and new energy supplies to meet increasing demand for affordable, reliable, and ever-cleaner energy."

ExxonMobil, a rival US energy giant, is anticipated to report earnings on Tuesday (January 30), of about £47.2 billion while Shell is reportedly forecast to have made about £31 billion. Meanwhile, BP is likely to report a profit of roughly £22.4 billion, while TotalEnergies is projected profits of £29 billion.

Alice Harrison, from the group Global Witness, told the newspaper: "In the midst of an acute energy affordability crisis that has forced over seven million UK homes into fuel poverty, the largest Western oil majors are anticipated to record staggering yearly profits of around £160 billion."

"Let’s not forget that these companies are richer because the rest of us are poorer. Brits should be asking themselves whose side their government is on? Those of us living in cold, draughty homes or an industry that’s riding the wave of the energy crisis and returning billions to its shareholders.

"If the profits of these companies were properly taxed, our government could free up money that’s desperately needed to rebuild this country – from giving Brits adequate and long-term support with the cost of their energy bills, to giving NHS nurses on the picket lines the pay raises they deserve."

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