[1/2] Logo of British Petrol BP is seen e at petrol station in Pienkow, Poland, June 8, 2022. Reuters GraphicsWINDFALL WOESBut the bumper profits could revive calls on governments around the world to further hike windfall taxes on the sector as economies struggle with high energy prices. They benefited the most from high energy prices, rewarded by a fossil-focused cash generation strategy that contrasted with European majors' bet on renewables. Banks including HSBC and J.P. Morgan predict more upside potential for European stocks this year after U.S. oil majors led in share performance and profits in 2022. "The European majors appear much more attractively valued than the U.S. majors on our estimates," HSBC said in a note.

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