Oil giants reap record profits as war rages in Ukraine, energy prices soar: Here's how much they made
As households around the globe struggle with rising energy bills, some of the world's leading oil giants reported record profits for the first three months of this year.
Profits for Exxon Mobil, Shell and more also rose by billions despite significant costs of exiting operations and/or investments in Russia amid war in Ukraine.
After Russia invaded Ukraine in February, the price of oil climbed in 2022's first quarter – as countries that rely heavily on Russia for energy scrambled for alternative fuel sources amid uncertainty.
The benchmark for global oil prices, Brent crude, averaged at $102.23 a barrel during the first quarter – 67% higher than during the same period last year, according to the Associated Press. In the United States, for example, drivers have consequently found increasingly expensive gas prices at the pump.