The profits of major oil companies witnessed a strong jump during the past year (2022), thanks to the rise in crude and natural gas prices in the wake of the Russian invasion of Ukraine.
And almost all major oil companies managed to achieve the highest net profit ever in 2022, with gains exceeding 100% on an annual basis, according to the reports of the companies’ business results, which were seen by the Energy Research Unit.
The profits of these companies benefited from the strong rise in oil prices last year, as Brent crude achieved gains of more than 9%, although it retreated from the highest level in 14 years recorded in March 2022 near $ 140 a barrel, to end the year 2022 at $ 85.91 a barrel.
Exxon Mobil and Chevron
The American oil company, Exxon Mobil, achieved a record net profit during 2022, which is the largest among the profits of major oil companies in absolute terms, as it amounted to $ 59.1 billion, compared to $ 23.01 billion in 2021.
ExxonMobil’s profits jumped 157% year-over-year, pushing it past the previous record high set in 2008, at $45.2 billion.
In the last quarter of 2022, the US company’s profits rose to more than $14 billion, compared to $8.79 billion in the same quarter of 2021, according to business results, which were followed by the Energy Research Unit.
Chevron Corporation also recorded record net profits over the past year amounting to $ 35.46 billion, up 127% year on year, benefiting from the rise in oil prices, despite the decline in production.
This came with achieving a quarterly profit of $6.35 billion ($3.33 per share) during the fourth quarter of 2022, compared to $5.05 billion ($2.63 per share) for the same quarter of 2021.
The following infographic – prepared by the Energy Research Unit – shows the profits of major oil companies during the third quarter of 2022:
Shell and Equinor
Supported by higher oil and gas prices, company profits jumped twenty to a record level of $39.87 billion in 2022, an increase of 107% over the total recorded in 2021, at $19.28 billion.
The Anglo-Dutch oil company achieved profits of $9.81 billion in the fourth quarter of 2022, compared to $6.391 billion during the comparative quarter of the previous year.
In continuation of the jump in the profits of major oil companies, the net profit of the Norwegian oil company Equinor rose to $ 28.74 billion in the past year, compared to $ 8.57 billion in 2021.
While the Norwegian company recorded an adjusted operating profit of $74.94 billion in 2022, up from $33.48 billion in 2021, setting a record high with the jump in gas prices.
BP and Total Energy
The British oil company BP recorded record profits of $ 27.6 billion in 2022, compared to $ 12.81 billion in the previous year, exceeding the previous record of $ 26 billion in 2008.
In the fourth quarter of 2022, BP’s profit was $4.8 billion, up from $4.06 billion in the same quarter of 2021.
As for Total Energy, it achieved a record net profit of $20.52 billion over the past year, an increase of 28% year-on-year, despite a 44% decline in profits for the last quarter of 2022, to $3.26 billion.
Adjusted net profits in the fourth quarter of 2022 amounted to about $7.6 billion, an increase of 11% over the same quarter of 2021.