The five international oil supermajors made a combined $195bn in profits for 2022, with each of the five posting an annual record: ExxonMobil $55.7bn, Chevron $35.5bn, Shell $39.9bn, TotalEnergies $36.2bn and BP $27.6bn.
For sure oil prices were high last year, with Brent averaging just shy of $100/B. But they were higher over the years to 2014. The big change since then has been that capital spending remains restrained. The five firms’ total 2022 outlay of $95.6bn was less than half 2013’s $195.5bn, meaning much plumper margins (see chart). (CONTINUED - 748 WORDS)
