Support 110 years of independent journalism.

  1. Chart of the Day
8 February 2022

How energy company profits have surged

Firms including BP, Shell and ExxonMobil have enjoyed a post-Covid windfall.

The energy giant, BP, today (8 February) announced profits of $12.8bn, the highest level in eight years, leading to renewed calls for a windfall tax on fossil fuel companies to cover the cost of rising energy bills.

Surging oil and gas prices have led to large consumer energy price hikes in the UK with the typical household expected to see its electricity and gas bill rise by £693 (54 per cent) this April.



Despite calls from opposition politicians, the government has ruled out a one-off windfall tax on energy companies’ profits. The Chancellor, Rishi Sunak, has instead announced a £150 council tax rebate and a £200 loan to help offset energy bills.

Speaking on BBC Radio 4's Today programme, the Liberal Democrat leader, Ed Davey, said: “It simply cannot be right these energy companies are making super profits while people are too scared to turn their radiators on and terrified there will be a cold snap.”

BP is not the only oil and gas company to have posted surging profits for 2021. Shell, ExxonMobil and Chevron also recently announced their highest earnings since 2014. Shell said last week it had earned $19.3bn in 2021, while ExxonMobil and Chevron posted profits of $23bn and $15.6bn.

In 2020, BP reported a loss of $5.7bn as the Covid-19 pandemic reduced demand for energy, hitting fossil fuel producers.

Select and enter your email address Your weekly guide to the best writing on ideas, politics, books and culture every Saturday. The best way to sign up for The Saturday Read is via saturdayread.substack.com The New Statesman's quick and essential guide to the news and politics of the day. The best way to sign up for Morning Call is via morningcall.substack.com
  • Administration / Office
  • Arts and Culture
  • Board Member
  • Business / Corporate Services
  • Client / Customer Services
  • Communications
  • Construction, Works, Engineering
  • Education, Curriculum and Teaching
  • Environment, Conservation and NRM
  • Facility / Grounds Management and Maintenance
  • Finance Management
  • Health - Medical and Nursing Management
  • HR, Training and Organisational Development
  • Information and Communications Technology
  • Information Services, Statistics, Records, Archives
  • Infrastructure Management - Transport, Utilities
  • Legal Officers and Practitioners
  • Librarians and Library Management
  • Management
  • Marketing
  • OH&S, Risk Management
  • Operations Management
  • Planning, Policy, Strategy
  • Printing, Design, Publishing, Web
  • Projects, Programs and Advisors
  • Property, Assets and Fleet Management
  • Public Relations and Media
  • Purchasing and Procurement
  • Quality Management
  • Science and Technical Research and Development
  • Security and Law Enforcement
  • Service Delivery
  • Sport and Recreation
  • Travel, Accommodation, Tourism
  • Wellbeing, Community / Social Services
Visit our privacy Policy for more information about our services, how Progressive Media Investments may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications.
THANK YOU

Content from our partners
<strong>What you need to know about private markets </strong>
Work isn't working: how to boost the nation's health and happiness
The dementia crisis: a call for action

Topics in this article : , ,