1 / 9Refinitiv data suggests West’s largest oil and gas companies have reported profits of $200 billion making US president Joe Biden call it outrageous. This has also led to more conversations on increasing windfall taxes further on oil production.
2 / 9ExxonMobil reported historically high earnings within oil producers at $56 billion which compares with the previous record of $45.2 billion which the company reported in 2008.
3 / 9In the last quarter of 2022, the company took a hit of $1.3 billion in Q4 earnings on account of windfall taxes.
4 / 9Shell, reported adjusted earnings of $40 billion in 2022 which has doubled versus 2021 levels of $19.3 billion. For Shell, the last known record profit was in 2008 at $28.4 billion.
5 / 9Chevron also reported a big jump in profits, more than doubled on a year-on-year basis at $35.5 billion, this compares with $15.6 billion reported in the last year.
6 / 9British Petroleum, the British giant, reported profits at $27.7 billion in CY2022, against more than doubled profits of $12.8 billion in CY2021.
7 / 9French energy major Total Energies reported profits of $36.2 billion in CY2022 which basically means an increase of 100 percent year-on-year.
8 / 9The company booked a provision of $1.7 billion for extraordinary windfall taxes.
9 / 9Refinitiv believes in 2023 these profits are expected to decline to $158 billion.
