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August 2, 2022

BP sees biggest profit in 14 years

Oil/Gas Prices Soar

Energy giant sees underlying profits hit $8.45bn (£6.9bn) between April and June - more than triple the amount it made in same period last year

• https://twitter.com/bp_plc/status/1554346911771017216

• https://www.bbc.com/news/business-62382624

• https://www.theguardian.com/business/2022/aug/02/big-oil-profits-energy-bills-windfall-tax

• https://www.wsj.com/articles/bp-profits-surge-on-high-energy-prices-11659422257

• https://twitter.com/scottishgreens/status/1554472791499591680

Short-term profit taking ..... long-term 'externality' costs adding up

Today (July 30), oil giants ExxonMobil and Chevron reported historic profits from the last three months. Exxon made $17.9 billion (not a typo) last quarter, up 273% from the same time last year, while Chevron made $11.6 billion. Exxon’s rate of income was $2,245.62 every second of every day for the past 92 days; Chevron made $1,462.11 per second.

Together, BP, Chevron, ExxonMobil, Shell, and TotalEnergies are expected to announce $60 billion in profits for the past three months. They plan to spend much of the profit not on reinvesting in their businesses, but on stock buybacks, which drives up the price of the stock. (HCR)

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