Oil’s rebound re-establishes energy stocks as long-term winners.

Oil and gas giants BP and Shell both posted storming results for 2021, showing that oil has not been totally dismissed in a climate-conscious market just yet.

The UK mega-caps are leaders in the oil sector and have completely turned around their performance after a rough couple of years.

BP posted a profit of $12.8bn (£9.5bn) for 2021 after oil and gas prices surged in the second half of the year, while last week rival oil giant Shell reported profits of $19bn on the same day energy regulator Ofgem announced that UK householders should expect a 54% rise in their domestic energy bills as early as April.

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