02-08-22, 07:29
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Fatcats EXXON MOBIL Made More MoneyThan God & Failed to Help Vulnerable Customers
British Gas, BP, Exxon, Chevron & Shell See Profits SOAR as Bills Rise..
Oil firms Collect £22bn in Profits as Fuel and Energy Bills Soar
Cost of living: Energy bills forecast to hit £3,615 a year
Exxon, Chevron, Shell Report Record Profits on High Energy Prices
Oil giants post $46 BILLIONS in combined profit in latest quarter, as they cashed in on rebounding energy demand
BBC News 2 AUG 2022.
British Gas owner Centrica and Shell have posted huge profits due to rising energy prices, as UK households face even higher energy bills.
'Little Sign of Abating'
Centrica's half-year profits were five times higher than a year earlier, while Shell reported record profits for the April-to-June period.
It comes as gas prices continue to rise, fuelled by the war in Ukraine.
That is affecting households, with predictions that energy bills will rise even further next year.
The government has said that every household in the UK will get an energy bill discount of £400 this autumn as part of a package of new measures to tackle soaring prices.
But there are calls for more action to help people now, including from personal finance expert Martin Lewis.
British Gas owner Centrica said adjusted operating profit for the six months ending in June rose to £1.34bn from £262m a year earlier.
The rise in profits came from the company's nuclear and oil and gas business, rather than from the British Gas energy supply business which performed much worse. Many firms have been unable to fully pass on the rise in wholesale gas prices to customers.
Centrica has brought back an interim dividend of 1p per share, after scrapping it for the past three years.
The decision to resume payouts to shareholders, even as UK households come under pressure from rising energy bills, has been criticised by some.
Energy analyst David Cox said people would "react against" the sight of an energy company rewarding shareholders, as households struggle with bills.
"Any oil and gas company... that's making a profit and giving some of that back to shareholders at this time, will face a backlash, particularly when we're seeing projections of energy bills hitting almost £4,000," he said.
£400 Energy Payment
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Exxon, Chevron, Shell Report Record Profit...Exxon Mobil and Chevron See Profits Sky-Rocket as Americans Struggle With Record Gas Prices
Oil giants post $46 billion in combined profit in latest quarter, as they cashed in on rebounding energy demand
Historic Gas Prices Could Stay High for a While
U.S. gas prices have hit a record high and are showing no signs of going down. That’s largely because oil companies are no longer incentivized to drill more as oil prices rise.
$46 billion in combined profit in latest quarter, as they cashed in on rebounding energy demand
Exxon XOM -2.53%▼ Mobil Corp., Chevron Corp. CVX -2.00%▼ and Shell PLC, SHEL -1.91%▼ the three largest Western oil companies, banked a record $46 billion in collective profits in the second quarter, fueled by the highest energy prices in over a decade and lucrative oil-refining margins.
Exxon, the largest U.S. oil company, said Friday its second-quarter profit rose to $17.9 billion, its highest ever and nearly four times as much as the same period a year ago, citing rising oil and fuel production, higher energy prices and cost cuts. Rival Chevron also posted a record profit Friday of $11.6 billion, up from $3.1 billion in the same period last year.
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