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Last year was a great year for oil companies.

Global crude oil prices had already escalated as global economies began recovering, and demand increased after the onset of the COVID-19 pandemic. Russia’s invasion of Ukraine shot these prices further up as fossil fuel trade fell under the microscope.

In this graphic, Vipul Sharma of Mastermind Investor uses accumulated earnings data from Energy Monitor to highlight the five companies that made a cumulative profit of over $200 billion in 2022.

The Five Big Oil Winners

Within the span of one year, the five Big Oil companies ⁠— ExxonMobil (XOM), Chevron (CVX), Shell (SHEL), BP, and TotalEnergies (TTE) ⁠— more than doubled their profits.

Securing a total profit of $59.2 billion, U.S. oil giant ExxonMobil recorded the highest total of the lot. In 2021, the company’s profits were $23 billion or less than half of 2022’s haul.

It was joined by Chevron, whose profits rose by over 134% to $36.5 billion, and Shell, whose profit of $39.9 billion was the highest in the company’s 115-year history.

Where Will This Money Go?

One of the main focuses of the COP27 conference in Egypt last year was the global attempt to phase down fossil fuels and move to clean energy.

So far, these massive profits have largely gone to stock buybacks and reinvesting in shareholders. With lower oil prices so far in 2023, how will Big Oil react and spend moving forward?

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