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

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."