business
Nine Major Oil Companies on Track to Share Over £95bn in Profit Two Quarters Running
Nine major oil companies are on track to share over £95bn in profit for a second straight quarter.
Key points
- AJ Bell analysis says nine big listed oil producers are on course for over $95bn profit in the July-to-September quarter.
- Saudi Aramco is expected to top the profits chart, with analysts anticipating a 7% rise in quarterly net income to $30bn.
- BP reported quarterly profits of $8.46bn for July to September, its biggest since 2008, with refining divisions a key driver.
Why it matters. Campaigners are calling for oil firms such as Saudi Aramco and BP to pay for environmental damage and help the transition to renewable energy, and the windfall has sparked those calls.
Nine of the world's biggest listed oil producers are on course for over $95bn (£71bn) profit in the third quarter, AJ Bell analysis found. The windfall follows a second quarter in which the same firms made $96bn, and comes after the US-Israel war on Iran pushed oil above $126 a barrel. Campaigner Mike Childs of Friends of the Earth said millions of households are paying higher bills.
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Nine Major Oil Companies on Track to Share Over £95bn in Profit Two Quarters Running
Nine major oil companies are on track to share more than £95bn in profit over two consecutive quarters, according to the Guardian. The windfall includes firms such as Saudi Aramco and BP. It comes as fuel prices have soared, which the report attributes to the Iran war. The profits matter to consumers and governments in many countries, since fuel costs feed into transport and living expenses. The figures underline how conflict in the Middle East is feeding energy company earnings.