It’s been another record-breaking quarter for big oil. The likes of ExxonMobil and BP have capitalized on exceptional global circumstances. Rather than investing in their transition, these companies have persisted with increasing payouts to shareholders that remained loyal through a wobbly few years. But this strategy will likely see 2022 as the year that ‘big oil’ topped out for the final time. Russia’s ongoing invasion of Ukraine has held oil prices at levels never sustained before; costs have driven inflation in Europe to rates not seen for decades. Throughout the quarter Brent crude oil futures traded at an average of around $114 per barrel – up from $69 per barrel in Q2 2022 – boosted by a slow return of…