OIL supermajors’ profits have topped almost half a trillion since the Ukraine invasion, campaign group Global Witness revealed yesterday.

The five leading companies — BP, Shell, Chevron, ExxonMobil and Total Energies — recorded combined profits of almost half a trillion US dollars (£345 billion) since the war began in February 2022.

The staggering figure compares to the estimated $524bn (£388bn) cost of reconstructing Ukraine.

Global Witness analysis shows that in 2022 alone, the Big Five’s profits jumped 125 per cent from $87bn (£64bn) in 2021 to $195bn (£144bn).

Between February 2022 and January 2026, shareholders received $444.4bn (£329bn) through share buybacks and dividend payments.

The huge windfall for Western oil majors stands in stark contrast to the economic pain felt across Europe and the enduring losses faced by victims of the war, Global Witness warned.

Patrick Galey, of Global Witness, said: “The oil supermajors have amassed a fortune since Russia’s war began, raking in almost half a trillion dollars in profit as households across Europe have faced crippling bills and Ukrainians have suffered relentless attacks.

“To make matters worse, oil giants have spent their spoils on huge payouts to wealthy shareholders and more climate-wrecking oil and gas production.

“It’s now time for a reckoning. Governments must tax dirty fossil fuel firms fairly and squarely — with the proceeds used to help rebuild Ukraine, fund climate action and compensate households plunged into energy poverty.”

The Britain-based campaign group also condemned the oil and gas majors for “doubling down” on fossil fuel extraction instead of channelling profits towards a green transition.

Despite BP and Shell having net zero targets for 2050, the firms spent an average of 10 times more on rewarding shareholders than on low-carbon investment between 2022 and 2025, Global Witness said.

Reports also indicate that Chevron, BP and Shell are already eyeing Venezuelan oil and gas investment opportunities since the US eased sanctions on the country’s assets.

Meanwhile, households in Britain continue bearing the burden of fossil fuel reliance, with energy prices still not returned to pre-2022 levels.

And experts warn climate inaction will cost the global economy trillions in the coming years.

The five companies were approached for comment.