Oil companies set profit records spurred by Ukraine war

Banks, oil companies And gun manufacturers. The three sectors make up the holy trinity that makes the most money in these troubled times in the world. war in europea war that decisively contributes to promoting energy crisisinflationary spiral and interest ratesclosely related phenomena that help explain the stratospheric results achieved by the three sectors in the past year as much of society is impoverished. only between six major oil companies Private companies around the world, profits to approach 2022 200,000 million euros, a figure never seen before thanks to the effect ukraine war inside gas and oil pricesat least as much demand recovery After the worst years of the epidemic.

English Blood pressure Last year’s accounts were the last to make public, closed with eu.Record profit of 25.8 billion euros, more than double what it was in 2021. A chance shared by your competitors. the British too Shell announced last week The best results of its 115 years of existence: to win 37,000 million euros. Same exxons, the first hydrocarbon company in the United States and the second equity firm in the world after Saudi Aramco. Exxon pocketed it More than 52,000 million benefits, 142% more than the previous year. “We clearly benefited from a favorable market,” CEO Darren Woods told investors.

In the case of stripwhile the benefit is around 34,000 million euros, i know phillips, again American, surpassed 16,000 million, a ten-year high for the company. The results of the French will be known in the next few days. Total Energiescompleting the sextet of what is called English “Big Oil”a group of which some include Italians wide. “The energy crisis caused by the war in Ukraine, stratosphere prices, gas in particular, but also oil, explains these results,” he assures this newspaper. Carlos Torres DiazChief analyst for gas and electricity markets at Norwegian consulting firm Rystad.

Especially European companies have recently focused their business on gas, which is considered “” by the European Union.transition fuel” towards renewable energy sources, less polluting than oil. both in production and export, especially liquefied natural gas (LNG), transported in methane tankers and become the main alternative russian gas this came Europe with pipeline. “And these gas prices, spurred by competition between European and Asian buyers, 10 times higher than normal”.

The war had an indisputable effect on prices, according to analyst Rystad. “In 2021, prices started to rise because Russia started reducing supplies to Europe, but things got worse with the explosion and sanctions on Nordstream 1 to punish the invasion,” Torres Díaz says. “All of this coincided with a lower-than-expected production at French nuclear reactors and hydropower plants on the continent, due to water shortages that contributed to rising hydrocarbon prices.”

The obscene profits of oil companies have renewed voices in the US calling for the taxation of oil companies. “extraordinary benefits”still a pending issue Joe Biden He came to propose this or a few taxes paid by the big oil companies in the country. Inside United Kingdom yes, they pay after the conservative government of the former prime minister, Boris Johnson, levy 25% tax on unexpected profits. But it did so only to those derived from oil and gas production in the region. North Sealittle less than a small change for the businesses of their global companies.

In any case, the most worrying thing is that some seem to be rethinking their lives, given the current boom. Commitments to reduce CO2 emissions. BP announced Tuesday that it plans to take things slower than promised three years ago. instead of reducing fossil fuel production It promises to reduce 40% by 2030, now only 25%. And it does all this while increasing its investment in hydrocarbon projects. Whether others follow in his footsteps remains to be seen. “It’s not a trend in the industry right now, at least in Europe,” says Repsol Board member Mariano Marzo.

Source: Informacion


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