Oil companies benefit from the energy price rally

BP oil rig in the Gulf of Mexico

Oil company profits could break records again this year.

(Photo: dpa)

Dusseldorf Hardly anyone is currently benefiting from the high energy prices as much as the oil companies. No wonder the Saudi oil giant Saudi Aramco overtook the technology group Apple as the most valuable company in the world on Wednesday. And the five largest Western oil and gas companies, dubbed “Big Oil,” made a combined profit of $30 billion in the first quarter, despite multi-billion dollar write-downs on their Russia operations.

This means that Exxon Mobil, Chevron, Shell, BP and Total Energies have doubled their profits compared to the previous year. Star investor Warren Buffett recently increased his stake in Chevron from $4.5 billion to $26 billion.

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