Shell, BP and TotalEnergies made more money buying and selling oil, gas and power last year than the four biggest private energy traders, according to new estimates that highlight the growing importance of such activity to their profits.
The European energy majors’ commodity trading divisions last year contributed about $16.6bn in earnings before interest, tax, depreciation and amortisation at Shell, $11.5bn at Total and $8.4bn at BP, according to Bernstein Research estimates of numbers closely guarded by the companies.
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