Five leading oil companies—Shell, BP, Chevron, Exxon Mobil, and Total Energies—have generated combined profits of $467 billion (£346 billion) from February 2022 to January 2026, according to a detailed review of their earnings. This surge occurred even as European households face ongoing high energy costs four years after the conflict began.
Profit Surge and Economic Impact
Earnings for these firms spiked dramatically in the year following Russia’s invasion of raine, driven by soaring oil and gas prices amid the global energy crisis. The total profit figure nearly matches the estimated $524 billion (£388 billion) required to rebuild raine, based on international assessments.
Shareholder Returns Outpace Clean Energy Investments
During the same period, shareholders received $444 billion (£329 billion) through dividends and share buybacks. This amount surpasses the European Union’s $391 billion (£289 billion) investment in clean energy for 2025.
Analysis reveals that BP and Shell allocated an average of 10 times more funds to shareholder payouts than to low-carbon and renewable energy projects between 2022 and 2025, despite their net-zero emissions targets by 2050.
Expert Commentary
“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 rainians have suffered relentless attacks,” stated Patrick Galey, head of news investigations at Global Witness. “To make matters worse, oil giants have spent their spoils on huge payouts to wealthy shareholders and more climate-wrecking oil and gas production.”
Energy Market Disruptions
Wholesale gas prices in Europe hit record highs shortly after the invasion in early 2022, leading to sharp increases in household energy bills. Governments responded with support programs and windfall taxes on energy producers. While prices have eased from peaks, costs remain elevated compared to pre-2022 levels.
Calls for Policy Changes
The substantial profits underscore the oil sector’s focus on fossil fuels rather than accelerating clean energy transitions as outlined in global climate pacts. “Governments must tax dirty fossil fuel firms fairly and squarely, with the proceeds used to help rebuild raine, fund climate action and compensate households plunged into energy poverty,” Galey added.
Future Production Plans
Rather than pivoting to renewables, several firms plan to sustain or increase oil and gas output. Reports highlight interest from Chevron, BP, and Shell in Venezuelan oil projects following eased U.S. sanctions after a military operation targeting President Nicolas Maduro.
The conflict marks its fifth year, with rising reconstruction needs and energy security at the forefront of European policy discussions. Pre-war market tightening from post-pandemic demand recovery exacerbated supply issues, propelling crude and gas prices to multi-year highs in 2022 and fueling sector-wide record earnings.
