Financial Times: US oil companies made $200bn on Ukraine conflict

Increased energy prices, after the start of the conflict in Ukraine, allowed U.S. oil companies to earn $200 billion, writes Financial Times correspondent Myles McCormick

Financial Times: US oil companies made $200bn on Ukraine conflict

The journalist noted that according to an analysis of earnings and valuation reports by S&P Global Commodity Insights, for the second and third quarters of this year, the combined net income of publicly listed oil and gas companies operating in the US was $200.24 billion.

“This figure, which includes revenues from supermagnates, mid-sized integrated groups and smaller independent shale operators, is the most profitable in the sector in the past six months,” McCormick clarified.

Oil producers reportedly took advantage of a surge in fuel prices, which were as high as $140 a barrel shortly after the outbreak of hostilities.

According to the publication, the sudden profits were not welcome in Washington as President Joe Biden accused oil companies of profiting from the conflict and threatened to raise taxes. A similar situation occurred in Europe, where governments introduced laws to tax profits from energy sales during the crisis.