Oil Supermajors Rake In £346bn Profits Since Ukraine War Began
An in-depth analysis by the advocacy group Global Witness has revealed that five major oil companies have accumulated staggering profits totalling just under $500 billion, equivalent to approximately £346 billion, since the onset of the Russian invasion of Ukraine in February 2022. This comprehensive review covers the earnings reported by industry giants Shell, BP, Chevron, Exxon Mobil, and Total Energies over the four-year period from February 2022 to January 2026.
Shareholder Windfalls Outstrip EU Clean Energy Investment
According to the detailed calculations from Global Witness, shareholders in these five corporations have been the recipients of an astonishing $444 billion, which translates to roughly £329 billion, through dividends and share buybacks during the same timeframe. This colossal sum notably surpasses the European Union's entire clean energy expenditure for the year 2025, which was estimated at $391 billion or £289 billion. The disparity underscores a significant allocation of resources away from renewable energy initiatives.
Profits Surge Amidst Global Energy Crisis
The analysis indicates that the profits of these oil supermajors experienced a sharp and dramatic spike in the immediate aftermath of Russia's invasion, as global oil and gas prices soared due to the energy crisis triggered by the conflict. The combined profits of $467 billion, or £346 billion, are alarmingly close to the estimated $524 billion, approximately £388 billion, required for the reconstruction of Ukraine, according to international assessments referenced in the report.
Contrast with Household Struggles and Climate Commitments
Patrick Galey, the head of news investigations at Global Witness, emphasised the stark contrast, stating, "The oil supermajors have amassed a fortune since Russia's war began, raking in almost half a trillion dollars in profit as households across Europe have faced crippling bills and Ukrainians have suffered relentless attacks." He further criticised the allocation of these profits, noting, "To make matters worse, oil giants have spent their spoils on huge payouts to wealthy shareholders and more climate-wrecking oil and gas production."
Investment Priorities Questioned
The report also uncovered that, despite publicly committing to net zero emissions targets by 2050, BP and Shell allocated on average ten times more funds to shareholder payouts than to investments in low-carbon and renewable energy projects between 2022 and 2025. This revelation raises serious questions about the sincerity of their climate pledges and their dedication to transitioning away from fossil fuels.
Persistent High Energy Costs and Policy Implications
In the months following the war's commencement in early 2022, wholesale gas prices in Europe reached unprecedented record highs, leading to sharply increased energy bills for households. Although prices have since receded from their peak, energy costs for UK households remain elevated above pre-2022 levels. Global Witness argues that the immense scale of these profits highlights the oil sector's continued heavy reliance on fossil fuel production, rather than accelerating investment in clean energy as anticipated under global climate agreements.
Mr. Galey called for governmental action, asserting, "Governments must tax dirty fossil fuel firms fairly and squarely, with the proceeds used to help rebuild Ukraine, fund climate action and compensate households plunged into energy poverty." The analysis further noted that instead of redirecting capital towards renewables, several companies have indicated plans to maintain or even expand their oil and gas output. For instance, Chevron, BP, and Shell have shown reported interest in Venezuelan oil projects following the easing of some US sanctions.
Broader Context and Market Dynamics
The war in Ukraine has now entered its fifth year, with reconstruction costs mounting and energy security remaining a central and pressing concern in Europe's policy debates. Oil and gas markets were already tightening prior to the conflict due to post-pandemic demand recovery. The war exacerbated supply disruptions, pushing benchmark crude and gas prices to multi-year highs in 2022 and driving record earnings across the entire sector. The Independent has reached out to BP, Shell, Chevron, Exxon Mobil, and Total Energies for comment on these findings.
