Last year was a great year for oil companies.
The surge in global crude oil prices had already been in motion as economies worldwide embarked on their recovery journeys, leading to increased demand following the onset of the COVID-19 pandemic. However, Russia’s invasion of Ukraine propelled these prices even higher, as the fossil fuel trade came under intense scrutiny.
In this visual representation, Vipul Sharma from Mastermind Investor utilizes compiled earnings data from Energy Monitor to showcase the five companies that collectively amassed profits exceeding $200 billion in the year 2022.
The Five Big Oil Winners
Within the span of one year, the five Big Oil companies — ExxonMobil, Chevron, Shell, BP, and TotalEnergies — more than doubled their profits.
ExxonMobil, the U.S. oil behemoth, secured an impressive total profit of $59.2 billion, marking the highest among the group. Notably, this profit figure for 2022 was significantly larger than the company’s 2021 earnings, which stood at $23 billion, representing less than half of the 2022 total.
ExxonMobil was joined by Chevron, which witnessed a remarkable profit surge of over 134%, reaching $36.5 billion.
In addition, Shell also achieved a historic milestone with a profit of $39.9 billion, marking the highest in the company’s 115-year history.
Where Will This Money Go?
One of the main focuses of the COP27 conference in Egypt last year was the global attempt to phase down fossil fuels and move to clean energy.
So far, these massive profits have largely gone to stock buybacks and reinvesting in shareholders. With lower oil prices so far in 2023, how will Big Oil react and spend moving forward?
Source: Visual Capitalist and Energy Monitor
