BP and TotalEnergies both reported record profits for 2022, boosted by the surge in gas and oil prices caused by Russia's invasion of Ukraine.
The news heightened calls for further taxes to be applied to big oil and gas companies.
BP's annual underlying replacement cost profit jumped to $27.7 billion, more than double the previous year's sum, while TotalEnergies' net profit surged to $36.2 billion.
However, Equinor's Oslo-listed stocks have fallen 15% year-to-date, following the tumbling gas prices in the new year.
BP and TotalEnergies have reported their record annual profits of $27.7 billion and $36.2 billion respectively, despite growing calls to tax big oil and gas companies, amid the energy crisis in the world.
BP increased its dividend by 10% and announced plans to buy back $2.75 billion of stock from shareholders.
The result was an outcome of the surge in gas and oil prices caused by Russia's invasion of Ukraine.
Labour party had asked for Britain's energy profits levy to be revamped in order to capture more of these exceptional earnings made by oil and gas firms.
However, BP claimed it had incurred total taxes of $15bn worldwide—its highest annual total.
On the other hand, Equinor has posted a record $74.9 billion profit, more than double its previous record, thanks to soaring gas prices; but it fell short of analysts' expectations in Q4.
The majority state-owned company last year became Europe's largest supplier of natural gas as Russia's Gazprom cut deliveries amid the West's support for Ukraine.
Equinor's fourth-quarter results beat the consensus announced by Refinitiv, but still fell behind the company's Q3 performance.
The transport fuels category lost Russian oil revenue due to war, resulting in a bonanza for shippers and refiners.
However, the falling gas prices and a 15% decline in Equinor's Oslo-listed stock year-to-date has concerned many.
The stark differences in the oil and gas results have prompted calls for further taxes on the sector, especially after Shell reported its most significant profits in its 115-year history.
Though oil prices have recovered since the COVID-19 pandemic, energy prices have remained volatile, resulting in many households struggling to cope with the increase in energy bills.
Nonetheless, the CEOs of these major oil firms have commented about the favorable market for energy companies worldwide.
Despite this, Greenpeace has condemned BP's huge profit while energy bills rise.