The only company on the list with better full-year results than in 2022 was French Total Energies, which in February reported the highest net profit of its history for 2023.
ADVERTISEMENTProfits for oil and gas companies have fallen significantly since their highs of 2022, the year when Russia launched its full-scale invasion of Ukraine and energy prices soared.
A drop in oil prices and a slowing of demand for gas has led to the largest players in the market seeing profits being cut by tens of billions of dollars last year, according to data from AltIndex.com, Exxon Mobil, Shell, Total Energies, and Chevron.
Altogether, the energy giants made $107.5 billion (€99.11 billion) in 2023. While that is a huge amount, their net income was a $43 billion plunge (€39.6 billion) – almost 30% – from the stratospheric heights of 2022.
US-owned ExxonMobil saw a 35% drop in annual net income, according to Statista and the official company data, earning $36 billion, down from the $55.7 billion reported in 2022.
US oil giant, Chevron, saw an even larger earnings drop. Net profit was down by almost 40% year on year at $21.4 billion, down from $35.5 billion in 2022.
The British oil and gas giant Shell also suffered a double-digit earnings drop, with its net income falling by 29% year-over-year. Between January and December, the company cashed in $28.3 billion, down from $39.9 billion the year before.
After leaving its stake in the state-controlled Russian oil and gas company Rosneft last year, BP took a $25 billion hit, ending its 2022 half-year with a net loss of -$10.5 billion. However, the company subsequently recovered to end H1 2023 with a $10.3 billion net profit. Its annual profit was up 4% at $21.4 billion by the end of the year.
Statistics show the combined net income of the four oil and gas giants hit $107.5 billion in 2023, down from $151.5 billion a year before.
French firm Total bucks the losing trend
The only company on the list with better full-year results than in 2022 was French Total Energies, the figures revealed.
In February, it reported the highest net profit of its history for 2023 which came in at $21.4 billion, an increase of 4% over 2022. The company said profits were underpinned by performances in its liquefied natural gas and electricity divisions. It is continuing to invest heavily in fossil fuel production.
