Oil companies are hit by income records

Thanks to extremely high oil and gas prices, energy companies are recorded. It is reported by Financial Times with reference to company reports.

The rapid restoration of demand after the end of quarantine and the increase in energy prices caused by Russia’s invasion of Ukraine increased the profit of energy companies after a two -year recession. This is evidenced by the data provided by the press services of Shell, Equinor, Totlenergies and Repsol.

In the second quarter, the British Shell received $ 11.5 billion of net profit, the Norwegian Equinor – $ 6.8 billion, the French Totlenergies – $ 5.7 billion, the Spanish Repsol – $ 1.2 billion

Part of these funds will be raised by shares of companies from the exchange. This suggests that companies have excess funds and they want to strengthen their financial situation.

For example, Shell plans to send $ 6 billion to a ransom. According to the JPMorgan analyst Christian Malek “This signals about the company’s confidence in cash flows.”