The global oil and gas industry’s profits soared to approximately $4 trillion in 2022, a tremendous increase from its recent average of $1.5 trillion, according to the International Energy Agency.
Shell, a multinational oil and gas company based in the UK, reported a record $39.9 billion annual profit in 2022. ExxonMobil, a major US oil company, declared a $56 billion profit for 2022 in January.
According to a recent assessment by Refinitiv analysts, the five super-majors, ExxonMobil, BP, Chevron, Shell, and TotalEnergies, are predicted to post a combined profit of about $200 billion for 2022.
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