Woodside and Santos reap bumper profits as Ukraine war drives energy prices higher

Oil and gas companies' record sales figures come as Nobel prize-winning economist Joseph Stiglitz calls for windfall profits tax

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High energy prices due to Russia's invasion of Ukraine have delivered huge increases in revenue to oil and gas companies Woodside and Santos.

On Thursday, Woodside said revenue for the three months to the end of June was $3.4bn, up 44% from the previous three months, while Santos said its sales for the first six months of the year hit a new record of US$3.8bn, up 85% on the same period last year.

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