BP, Chevron, ExxonMobil, Shell and TotalEnergies raked in a record $199.3 billion in profits in 2022. The scale of gains by oil companies is generating fresh scrutiny of their investments in renewable energy and of the prices they charge their customers.
BP\n \n , Chevron\n \n , ExxonMobil, Shell and Total\n \n Energies raked in a record $199.3 billion in profits in 2022, benefiting from the surge in oil and gas prices that followed Russia’s invasion of Ukraine. TotalEnergies capped off the historic series of earnings Wednesday when it reported annual profit of $36.2 billion, more than double the previous year’s earnings.
More for oil and gas In comparison with rewards for shareholders, companies spent a fraction on renewable energy investments, even as they dialed up spending on oil and gas as demand recovered and European governments scrambled to replace Russian supplies. Globally, capital spending on oil and gas, excluding exploration for new deposits, was around $470 billion in 2022, according to Wood Mackenzie.
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