Biggest oil giants raked in £100bn last year as climate crisis intensifies

28 January 2024 , 22:11

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The profits keep rolling in as the climate crisis worsens (Image: Bloomberg via Getty Images)

Five of the world’s biggest oil giants are expected to reveal they raked in a £100billion profit bonanza for last year.

The bumper haul – equivalent to £3,250 a second – comes as millions in Britain struggle to heat their homes and the planet faces up to the grim realities of climate change. Campaign group Global Witness focused on five of the largest oil and gas producers – BP, Shell, Chevron, ExxonMobil and Totalenergies.

The £100bn estimate would be higher if Middle Eastern and Chinese heavyweights were included.

Alice Harrison, from Global Witness, said: “The oil giants have been bleeding us dry. Now they’re making off with the heist of the century, shovelling their shameful profits to shareholders and choosing climate-wrecking U-turns instead of investing in clean energy. This is greed on an historic scale and governments are letting them get away with it.”

The oil companies made huge profits last year (Getty Images)

Shell is expected to announce 2023 profits of £21bn on Thursday, less than 2022’s £32bn. Esso owner ExxonMobil, which reports on Friday, is forecast to have made £29.3bn last year, while Texaco parent Chevron is set to reveal a £19bn bonanza.

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BP, which reports on February 6, will reveal a fall in profits to around £10.9bn, according to City estimates. French giant Totalenergies completes the line-up on February 7 with forecast profits of £22.3bn.

BP declined to com­­ment. Shell said: “Shell is committed to its target to become a net-zero emissions business by 2050. We expect to invest £8-£12bn between 2023-25 on low-carbon energy solutions.”

Chevron, ExxonMobil and Totalenergies were all contacted. The TUC says Britain’s energy bills are 50% higher than in 2022.

Graham Hiscott