As the Russia-Ukraine conflict reaches its fourth anniversary, oil supermajors channelled record earnings into shareholder payouts while clean energy investment lagged, analysis reveals

Five leading oil companies – bp, Shell, Chevron, ExxonMobil and TotalEnergies – have recorded profits of almost half a trillion dollars (US$467 billion) since Russia’s invasion of Ukraine, according to a new analysis from Global Witness marking the fourth anniversary of Russia’s invasion of Ukraine.

In the year following Russia’s invasion, the profits of each of these five oils majors spiked as a result of the global energy crisis which sent oil and gas prices spiralling. The scale of their profits suggests that Big Oil has emerged as one of the biggest winners of Putin’s war.

Over the past four years, while Ukraine has faced devastating onslaughts from Russian forces – and households across Europe have faced soaring energy price spikes due to the global energy crisis – the five oil “supermajors” have raked in almost half a trillion dollars’ worth of profits from oil and gas sales.
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This year was marked by several mergers and acquisitions in the oil and gas sector as fossil fuel majors fight for dominance in the Permian Basin of Texas and New Mexico. ExxonMobil will acquire Pioneer Natural Resources for $59.5 billion, cementing ExxonMobil as the largest fossil fuels operator in the Permian Basin. Chevron’s deal to acquire Hess for $53 billion will be finalized in 2024. Yet another company on our list will soon merge as well, with Diamondback Energy recently announcing it will merge with Endeavor Energy Resources in a $26 billion deal. Across the sector, multibillion-dollar mergers are pointing to a consolidation of resources and power that demands our scrutiny…