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‘Monster profits’ for energy giants

Last year’s combined $200bn profit for the ‘big five’ oil and gas companies brings little hope of driving down emissions #ClimateBreakdown

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.

When the 2022 results for all publicly traded oil and gas companies are tallied the total profits are expected to exceed $400bn, “a number we’ve never seen before, and one that was built off the backs of working families who were victimized by oil and gas executives’ greed”, according to Claire Moser, deputy executive director of the US activist group Climate Power. The Guardian

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