The year 2022 was a banner year for the world’s oil companies, with profits soaring to unprecedented heights. This was driven by a combination of factors, including an increase in global demand for oil and a decrease in the cost of production. As a result, many major oil companies posted record-breaking profits for the year. Here, we take a look at how the biggest oil companies fared in the year 2022.
Exxon Mobil
Exxon Mobil, the largest publicly traded oil company in the world, reported an astonishing $96.3 billion in profits for the year 2022. This represented an increase of more than $20 billion from the previous year and was the highest profit figure ever reported by an oil company. The primary driver of this growth was an increase in global demand for oil, which sent prices higher and allowed Exxon Mobil to increase its production and sales. The company also saw an increase in its refining and marketing operations, which added to its bottom line.
Chevron
Chevron, the second-largest publicly traded oil company in the world, saw its profits for the year 2022 reach $44.4 billion. This represented an increase of nearly $10 billion from the previous year and was the second-highest profit figure ever reported by an oil company. Chevron’s primary driver of growth was also an increase in global demand for oil, which allowed the company to ramp up its production and sales. Additionally, the company saw an increase in its refining and marketing operations, which contributed to its impressive growth.
Royal Dutch Shell
Royal Dutch Shell, the third-largest publicly traded oil company in the world, reported profits of $37.5 billion for the year 2022. This represented an increase of close to $7 billion from the previous year and was the third-highest profit figure ever reported by an oil company. Like Exxon Mobil and Chevron, Royal Dutch Shell’s primary driver of growth was an increase in global demand for oil, which allowed the company to increase its production and sales. Additionally, the company saw an increase in its refining and marketing operations, which added to its bottom line.
BP
BP, the fourth-largest publicly traded oil company in the world, reported profits of $26.2 billion for the year 2022. This represented an increase of more than $4 billion from the previous year and was the fourth-highest profit figure ever reported by an oil company. BP’s primary driver of growth was also an increase in global demand for oil, which allowed the company to increase its production and sales. Additionally, the company saw an increase in its refining and marketing operations, which contributed to its impressive growth.
Total
Total, the fifth-largest publicly traded oil company in the world, reported profits of $18.5 billion for the year 2022. This represented an increase of more than $2 billion from the previous year and was the fifth-highest profit figure ever reported by an oil company. Total’s primary driver of growth was also an increase in global demand for oil, which allowed the company to increase its production and sales. Additionally, the company saw an increase in its refining and marketing operations, which contributed to its impressive growth.
Conclusion
As the world’s largest oil companies reported record-breaking profits for the year 2022, it’s clear that global demand for oil remains strong. With the cost of production decreasing and global demand increasing, there’s no doubt that oil companies will continue to post stellar profits in the years to come. As the world transitions to a more sustainable energy future, it’s important to remember that oil will remain an important part of the global economy for years to come.