March 10, 2023

Record Profits for Top Western Oil and Gas Companies Amid Global Crisis

Crisis year 2022 brought $134 billion in excess profit to the West’s five largest oil and gas companies

The world’s five largest oil and gas companies made a record $195 billion in profits in 2022, up almost 120% from the previous year, thanks to the global energy crisis triggered by Russia’s invasion of Ukraine and climate change. Global Witness assessed the financial returns of Chevron, ExxonMobil, Shell, BP, and TotalEnergies and found that together, they made $134bn in excess profits in 2022. The companies are making obscene excess profits while the global cost-of-living crisis and climate breakdown impact people’s livelihoods across the globe. Check out the full report by Global Witness: https://www.globalwitness.org/en/campaigns/fossil-gas/crisis-year-2022-brought-134-billion-in-excess-profit-to-the-wests-five-largest-oil-and-gas-companies/

Commentary by Alina Metje, GHJ team