Europe's oil giants show record profits

The rapid rise in world energy prices has created numerous problems for central banks and governments of many countries. However, now the energy giants of Europe are reaping the benefits of high prices and showing record profits. 

In particular, the British-Dutch Shell PLC reported on Thursday morning a profit in the second quarter of $11.5 billion – this figure surpassed the previous record reached 3 months earlier. The company also announced a $6 billion share buyback program in the current quarter. 

Its French rival TotalEnergies SE also recorded a record profit of $9.8 billion in the second quarter and accelerated its buyback program. 

Norwegian Equinor ASA reported a significant profit in the reporting quarter of $17.6 billion, after which it raised special dividends and increased share buybacks.

Oil companies from the United States, Exxon Mobil Corp and Chevron Corp, will present their reports on Friday, and most likely they will also show positive results.

Recall that in May, the UK introduced a profit tax for its oil companies, which may become an example for other governments that are trying to mitigate the global cost of living crisis.