Shell and TotalEnergies posted yet another record profit in their second quarter earnings as fallout from the war on Ukraine continues to hurt people and benefit companies. The disruption to global oil and gas flows combined with resurgent consumer demand, as COVID-19 lockdowns eased, pushed fossil fuel prices to record highs in the last quarter, sending profits for European oil producers Shell and TotalEnergies soaring into the tens of billions.

The companies are using these windfalls to buy back stock shares for their investors while simultaneously rejecting calls for tax increases. Other oil companies, including Exxon and Chevron are due to announce results later this week.

(New York Times $, The IndependentReutersFT $, Bloomberg $, CNBC)