Norwegian state-owned Equinor announced its annual profits, revealing a staggering £62 billion in earnings, more than double its previous high.
Meanwhile, BP, a British multinational oil and gas company, announced annual profits of over £23 billion, the highest in its 114-year history.
Equinor's profits were largely driven by high oil and gas prices, as well as strong earnings from its renewable energy sector, including offshore wind farms.
However, the company's CEO emphasised the need for a shift towards renewable energy, stating that "the world needs to reduce its emissions rapidly, and we have a clear responsibility to contribute to these efforts".
BP's profits, on the other hand, were largely attributed to the company's restructuring and cost-cutting measures, as well as increased demand for oil and gas around the world.
The CEO of BP acknowledged the challenges posed by the energy transition and stated that the company is "focused on becoming net zero by 2050 or sooner".
While both companies reported high profits, there was a difference in the way they addressed the pressing issue of climate change.
Equinor appears to be more focused on transitioning to renewable energy sources, while BP highlighted the challenges of the energy transition but did not mention concrete plans for moving towards renewables.