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BP and Shell set to announce more ‘obscene’ profits as energy giants rake in billions from oil

Oil companies are set to announce more bumper profits this week as they continue to cash in from the soaring cost of energy.

Business analysts predict that BP could have earned as much as £3.4 billion in profits in the first three months of this year.

The energy giant will announce its quarterly results tomorrow amid renewed calls for the UK Government to implement another windfall tax.

Shell is expected to report later this week adjusted earnings of $7.9 billion dollars for the first quarter.

The company last year announced annual profits of £32.2 billion, the highest in its 115-year history.

Climate change activists were furious with the oil giant which had watered down its climate change ambitions at its annual results in February.

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