The West’s top energy firms are expected to rake in a combined record profit of $200 billion from a turbulent 2022 marked by huge volatility in oil and gas prices after Russia’s invasion of Ukraine with buoyant earnings likely to roll through 2023.
Flush with cash, BP Chevron, Exxon Mobil, Shell and TotalEnergies also delivered shareholders unprecedented returns through dividends and share buybacks last year.
But the bumper profits could revive calls on governments around the world to further hike windfall taxes on the sector as economies struggle with high energy prices.
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Big Oil’s good times set to roll on after record 2022 profits https://t.co/slZvHmPkU9
— Jonathan Chevreau (@JonChevreau) January 17, 2023