‘Monster profits’ for energy giants reveal a self-destructive fossil fuel resurgence
(The Guardian, 9 Feb 2023) Last year’s combined $200bn profit for the ‘big five’ oil and gas companies brings little hope of driving down emissions.
While 2022 inflicted hardship upon many people around the world due to soaring inflation, climate-driven disasters and war, the year was lucrative on an unprecedented scale for the fossil fuel industry, with the five largest western oil and gas companies alone making a combined $200bn in profits.
In a parade of annual results released over the past week the “big five” – Exxon, Chevron, Shell, BP and TotalEnergies – all revealed that last year was the most profitable in their respective histories, as the rising cost of oil and gas, driven in part by Russia’s invasion of Ukraine, helped turbocharge revenues.
Exxon, the Texas-based oil giant, led the way with a record $55.7bn in annual profit, taking home about $6.3m every hour last year. California’s Chevron had a record $36.5bn profit, while Shell announced the best results of its 115-year history, a $39.9bn surplus, and BP, another London-based firm, notched a $27.7bn profit. The French company TotalEnergies also had a record, at $36.2bn.
The Guardian, 9 Feb 2023: ‘Monster profits’ for energy giants reveal a self-destructive fossil fuel resurgence