ANALYSIS: Oil Company Profits Soar
Top oil companies continue to see massive earnings, according to published earnings reports for the first quarter of 2023 this week.
Energy prices have been soaring following Russia’s invasion of Ukraine in February 2022 and due to persistent global demand.
TotalEnergies, ExxonMobil, Chevron, BP, and Shell reported a combined record profit of $153.5 billion in 2022 and appear on track for another record year in 2023.
Gas and oil output has been rising despite a recent drop in energy prices, which hit historically high levels last year.
Oil companies have taken further advantage of strong consumer demand for energy amid cost-cutting efforts by investors in the wake of the lockdowns….