US oil giants Exxon and Chevron are poised to reap $100 billion total profit bonanza from Russia's war on Ukraine
US oil giants ExxonMobil and Chevron are expected to earn nearly $100 billion in total profits from 2022, thanks to Russia's war with Ukraine. per the Financial Times
, citing data from S&P Capital IQ. For both the companies, annual earnings are seen hitting record highs. The profit boon comes after global oil prices soared in response to Russia's invasion of Ukraine, which squeezed supply in energy markets. While Brent crude was trading around $86 a barrel at last check Tuesday, the European benchmark surged toward $140 last March.
The jump in earnings signals a sharp reversal of fortunes for energy companies, which saw their income plunge as demand collapsed during the COVID-19 pandemic. It's also seen as vindication for combatting climate change calls. Such super-sized profits however have drawn criticism from US President Joe Biden. He has slammed Exxon for
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