In 2022, Big Oil doubled its profits to $219 billion, surpassing previous records during a year of volatile energy prices following Russia’s invasion of Ukraine.
Top Western energy companies paid out $110 billion in dividends and share repurchases to investors, sparking outrage from consumers with surging energy costs.
Western Energy Companies’ Profits in 2022
– Exxon Mobil: $56 billion
– Chevron: $36.5 billion
– Shell: $40 billion
– BP: $27.7 billion
– TotalEnergies: $36.2 billion
– Equinor: $74.9 billion
The abrupt drop in Russian supplies to Europe has pushed boards to increase spending on fossil fuel production in order to secure the supply.
BP CEO Bernard Looney made a u-turn on plans to reduce the British company’s oil and gas output and carbon emissions by 2030.
