Energy, banking, defence and renewables firms post bumper Q1 profits
Updated
Updated · BBC.com · May 7
Energy, banking, defence and renewables firms post bumper Q1 profits
27 articles · Updated · BBC.com · May 7
New details show Big Six banks made $47.7bn, while renewables groups including NextEra, Vestas and Orsted also reported gains as Hormuz disruption persisted.
BP earned $3.2bn, Shell $6.92bn and TotalEnergies $5.4bn, while JP Morgan's trading revenue hit $11.6bn and major US defence contractors reported record order backlogs.
The US-Israel war in Iran and Tehran's effective Strait of Hormuz closure have raised living costs and government spending, while also boosting solar, heat pump and electric-vehicle demand.
As war profits hit a record $6.9 billion, why is Shell cutting back on rewarding its shareholders?
A US-Iran deal could crash oil prices. Is Shell's multi-billion dollar profit boom about to end?
As Shell reaps billions from war, will governments impose windfall taxes to ease public pain?