Energy majors Shell and British Petroleum (BP) have been accused of a ‘profiteering bonanza’ after they unveiled profits of billions for three months to March.
BP and Shell in Britain, ExxonMobil and Chevron in the United States, and TotalEnergies in France have together logged more than $40 billion in net profits for the three months to March.
Shell’s profit after tax surged by 22 per cent to $8.7 billion from a year earlier. At that time, Shell had faced a USD 3.9 billion charge over its exit from Russia after the start of the Ukraine war.
British Petroleum announced on Tuesday (May 2) that it has bagged a net profit of USD 8.2 billion in the first quarter. BP had suffered a record loss a year earlier stoked by its own exit from Russia.
Sharon Graham, general secretary of the Unite union, said both firms were “continuing the profiteering bonanza”
“The scale of profiteering displayed today by Shell and earlier this week BP is one of the corporate scandals of our times. And this is practically untouched by Rishi Sunak’s so-called windfall tax,” said Graham as quoted by The Guardian.
“Not taking any action against ‘Big Oil’ means the profiteering plundering will continue without end.”
“As temperatures soar from Madrid to Mogadishu, Shell is once again posting bumper profits while promising to keep extracting fossil fuels for years to come. Millions around the world are already feeling the effects of the climate crisis and it’s those who did the least to cause it who are paying the heaviest price,” said Charlie Kronick, of Greenpeace UK, also quoted by The Guardian.
“The UK government should stop issuing new oil and gas licences and force Shell and the rest of the industry to start using their obscene profits to pay for the damage that their fossil fuel habit is causing to lives and livelihoods around the world.”
Profits are also forging ahead outside Britain.
France’s TotalEnergies saw net profit advance 12 per cent to $5.6 billion in the first quarter.
US giants benefitted from refining activities and cost-cutting, with ExxonMobil more than doubling profit to a first-quarter record of $11.4 billion, while Chevron chalked up $6.6 billion.
(With inputs from agencies)
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