Global majors, whose financial results we analyze on a regular basis, are traditionally the ones to start the reporting season in the oil and gas sector. While Russian companies were selling crude and petroleum products at a discount resulting from geopolitical pressure, global corporations in Q2 2022 feasted on the victorious return of fossil fuel.
During that period, total net profit of the five global supermajors quadrupled y-o-y (see Fig. 1) to almost $63 billion, thanks to the soaring prices (up 60% and 260% y-o-y for oil and gas, respectively, and almost 100% for light petroleum products in the European market). The growth vs. the previous quarter is phenomenal (up 17 times across the five companies) and is due to the low base effect of the prior period when the majors were writing off their Russian assets. In the first six months of 2022 these players came up with double net profit vs. H1 2021.