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Energy Companies Making Money from the War

Hungary Today 2023.03.06.

The war is bad for almost everyone, except for the big energy companies, according to Csaba Dömötör, State Secretary of the Prime Minister’s Cabinet Office.

In a video published on his Facebook page on Sunday, Dömötör stressed that the war is putting a huge economic burden on almost everyone, but there are some who are doing rather well even during this period. There are those who are “earning a bundle” from the rise in energy prices, he said.

“Yes, we are talking about the big international energy companies. Quite a lot of data is now in the public domain, so you can see what kind of year they had last year,” the politician pointed out. According to Dömötör,

  • OMV had a record year, with 5 billion euros after tax
  • Shell achieved its highest profit ever with 40 billion dollars, more than double its pre-war profit
  • British Petroleum posted its best profit in the company’s 114-year history last year, with crude at 28 billion dollars, also more than double the year before
  • France’s Total also posted historic revenues, with net profits of 20.5 billion dollars in 2021
  • Chevron achieved record revenues of 35 billion dollars last year, also more than double the previous year
  • Exxon raked in record revenues of 56 billion dollars.

No other company in the Western oil industry has ever had such high annual profits, earning around 2 billion forints an hour,”

Dömötör noted, adding that Hungary’s energy bill has significantly increased, and “companies, families, and the Hungarian state have to cover this.”

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