5 Biggest Energy Companies in the UK

2. BP plc (NYSE:BP)

2021 Revenue: $164.195 billion

BP plc (NYSE:BP) is a leading oil and gas producer based in the UK that ranks #2 on our list of 10 Biggest Energy Companies in the UK with revenues of $164.195 billion for 2021. Given that oil and gas prices are higher in 2022 than 2021, the company’s 2022 revenue will likely be higher than what it was last year. In terms of the near term, BP plc (NYSE:BP) said of the third quarter and what the company expects in the fourth quarter, 

Starting with gas prices where we continue to see significant volatility. During the quarter, reduced Russian pipeline imports led to sharp increases in both spot and futures prices in Europe with the quarter average TTF price rising by 92%. Prices also rose in the US as summer cooling demand offset the loss of Freeport LNG exports. Looking ahead to the fourth quarter, we expect gas prices to remain elevated and volatile with the outlook heavily dependent on Russian pipeline flows and the severity of the Northern Hemisphere winter.

Moving to oil prices. During the third quarter, Brent averaged $101 per barrel, down from $114 per barrel in the second quarter. This reflected increased uncertainty around the economic outlook and the continued COVID-related lockdowns in China. Despite this uncertainty, we expect oil prices to remain elevated in the fourth quarter given the backdrop of low inventory levels, OPEC+ supply cuts, limited supply growth and uncertainty around Russian exports.