Hydrocarbon prices have soared for months, largely due to Russia’s invasion of Ukraine.
THE British hydrocarbon giant BP announced today triple net profits in a year for the second quarter of the year, at 9.26 billion dollars (9.03 billion euros), due to the jump in hydrocarbon prices.
In contrast, for the first half, BP posted a net loss of $11.13 billion, having taken a $24.4 billion after-tax charge in the first three months of the year after it exited Russia’s Rosneft due to Russian invasion of Ukraine.
The group expects oil prices to remain high in the third quarter “due to continued Russian supply disruption” but also reduced inventories whose levels are “well below the five-year average”, it said in a statement.
Barring emergencies, BP records earnings of $8.45 billion in the second quarter and 14.7 billion for the first six months of the year.
BP is the last major oil company to date to announce record profits for this period, following also British Shell, which had seen its profits rise fivefold to $18 billion, or even TotalEnergies ($5.7 billion). .
The additional profits of the largest companies in the sector (TotalEnergies, Shell, Exxon, Chevron and BP) reach about 62.5 billion dollars for this period, according to AFP calculations.
The hydrocarbon prices have soared for months, largely due to Russia’s invasion of Ukraine.
Against the profits of major oil companies, London announced in May the imposition of an extraordinary tax on the energy sector to partly finance government aid to the poorest households to cope with the increased cost of living.
RES-EMP
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