As energy prices continue to soar worldwide, Shell's adjusted earnings rose to $9.1 billion, while Exxon Mobil reported $5.48 billion in profits for the first three months of the year.
in over a decade – with the British energy company announcing on Tuesday that its underlying replacement cost profit rose to $6.2 billion in the first three months of this year, more than doubling the $2.6 billion from the same period last year.
BP PLC also said its net loss in the first quarter totaled $23 billion, after accounting for a write-off of its nearly 20% stake in Russian oil producer Rosneft in response to the Ukraine war.for the government to impose a tax on energy companies’ windfall earnings, in hopes of helping consumers struggling with rising energy prices. Prime Minister Boris Johnson has rejected the idea , saying the tax would reduce investment in Britain during efforts to diversify the country's energy industry.
The British government’s “refusal to tax the super-profits of energy companies is completely unforgivable when people are too terrified to heat their homes,” Ed Davey, leader of the Liberal Democrats, told the Associated Press.during the first quarter of 2022 – also more than doubling its profits compared with the same period last year. Revenue for the Irving, Texas-based company was $90.5 billion, far exceeding the revenue of $59.15 billion during the same quarter in 2021.
But, after abandoning Russian operations due to the war, Exxon also took a significant hit, writing down $3.4 billion., over four times its earnings of $1.4 billion in the first quarter of last year. Revenue for the San Ramon, California-based energy producer surged 41%, to $54.37 billion., China Petroleum & Chemical Corp, or Sinopec, reported 22.61 billion yuan net profit under Chinese accounting standards for the first quarter of 2022, compared to 17.93 billion yuan last year.