Business & Economy

Oil companies make huge profits in 2022

By Sara Munoz

Madrid, Feb 12 (EFE).- Large oil companies have made more than $200 billion in net profits in 2022, a year marked by the Russian invasion of Ukraine, climate change-related disasters and heavy dependence on fossil fuels.

While not knowing how Saudi Aramco, the world’s largest oil producer, has ended the year, the main companies in the sector have doubled the profits recorded in the year before, according to Efe’s calculations.

“Their profits are a windfall of war,” US president Joe Biden said last week, criticizing oil giants for prioritizing monetary rewards over investing in increasing national production to keep gasoline prices low.

Among the 10 big oil firms are Texas-based ExxonMobil and ConocoPhillips, California-based Chevron Corporation and Florida-based NextEra Energy.

Despite the deterioration caused by halting its operations in Russia in the wake of the war, ExxonMobil hit a record of $55.7 billion in profits last year.

Shell company has made the highest profits in its 115-year history, with $42.3 billion in earnings.

Chevron, the second-largest oil producer in the US, ended 2022 with $35.4 billion, a 127% increase compared to 2021.

Equinor, Norway’s main energy company, reported $28.7 billion dollars in profits, up 235% from the year before.

French giant TotalEnergies made $20.5 billion, a 28% jump in profits.

ConocoPhillips has also improved its annual net profits, going from 8 billion in 2021 to 18.6 billion in 2022.

Aramco is set to publish its profits on March 12 amid expectations that the Saudi Arabian company will break records because it has accumulated $130.3 billion until the third quarter of 2022.

Spanish oil companies Repsol and Cepsa will release their results in the coming days.EFE


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